2023 (4) TMI 534

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....5BBE of the Income-tax Act, 1961 (the Act) as made by the Assessing Officer and sustained by CIT(Appeals) is based on suspicion, arbitrary, unjust and bad in law. 2. That in the absence of any contrary evidence to the source of actual cash flow of Rs.9,30,00,000/- received from India Infoline Finance Ltd., the addition of Rs.9,30,00,000/- u/s 68 of the Act merely on the ground that in books it has been credited to the account of Mr. Vijay Kumar Gulati, is arbitrary, unjust and against the very purpose of Section 68 of the Act. 3. That the above grounds of appeal are independent and without prejudice to one another. Your appellant craves leave to add, alter, amend or withdraw any of the grounds of appeal at the tim....

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....terest on this borrowing. Later, Mrs. Vijaya Gulati, Hylink Overseas (P) Ltd., (assessee), Varada Expomark & Marketing (P) Ltd., Mr. Sidharth Gulati, Mrs. Anita Gulati and Mrs. Ritika Gulati preferred an application with India Infoline Finance Ltd. (IIFL) to borrow loan from IIFL. IIFL sanctioned the loan of Rs.9,30,00,000/- against the collateral property jointly owned by Mrs. Anita Gulari and Mrs. Ritika Gulati. This loan was utilized for repayment of loan to Kotak Mahindra Bank in the sum of Rs.7,50,50,286/-; the balance amount of Rs.49,49,713/- and amount of Rs.1,12,45,614/- were credited to the account of Mr. Gulati which was paid to the assessee company. Accordingly, the assessee submitted that the loan of Rs.9,30,00,000/- received by....