2024 (10) TMI 746

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.... No.3472/Del/2023 for AY 2017-18, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "ld. NFAC", in short] in Appeal No. ITBA/NFAC/S/250/2023-24/1056772490(1) dated 04.10.2023 against the order of assessment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 30.10.2019 by the Assessing Officer, NFAC, Delh....

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....d a sum of Rs. 60 lakhs to the assessee during the financial year 2015-16 leaving an outstanding balance of Rs. 3.90 crores as on 01.04.2016. During the year under consideration, the assessee earned an interest income of Rs. 52,97,393/- from the said company on the loan advanced to them. This interest income was declared as income by the assessee under the head "income from other sources". Since b....