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of <h1>Supreme Court directs re-examination of loan matter by Assessing Officer</h1> <h3>M/s Kundlas Loh Udyog Versus Pr. Commissioner of Income Tax</h3> The Supreme Court dismissed the special leave petition, directing the Assessing Officer to independently re-examine the loan matter based on evidence, ... 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 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. 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 notwithstanding the observations of the High Court in [2017 (5) TMI 1584 - HIMACHAL PRADESH HIGH COURT] The Supreme Court of India in 2018 dismissed a special leave petition as the High Court remitted the case to the Assessing Officer to re-examine the matter independently based on evidence regarding a loan given to the assessee through a bank channel. The Assessing Officer is directed to review the issue in accordance with the law, regardless of the High Court's previous observations.
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