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of <h1>Supreme Court Upholds High Court Decision on Loan Assessment</h1> <h3>M/s Kundlas Loh Udyog Versus Pr. Commissioner of Income Tax</h3> The Supreme Court dismissed the special leave petition, upholding the High Court's decision to remit the case back to the assessing officer for ... Addition u/s 68 - notices never came to be issued to 11 creditors - Held that:- From the impugned order of the High Court, we find that the High Court has remitted the case back to the assessing officer to examine and decide the matter afresh on the basis of the material adduced on record by the respective parties, so that it is confirmed that they had advanced loan to the assessee against interest through bank channel or not. In view of this stand taken by the High Court, we are not inclined to entertain this special leave petition which is accordingly dismissed. Pending application(s), if any, shall stand disposed of. As made clear that the assessing officer shall examine the issue afresh on the basis of material produced before it and in accordance with law, independently, The Supreme Court of India dismissed the special leave petition as the High Court remitted the case back to the assessing officer to decide if a loan was advanced to the assessee against interest through a bank channel. The assessing officer is instructed to examine the issue independently based on the material produced and in accordance with the law.
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