2024 (1) TMI 1337

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.... : Ms. Arati Agarwal, Adv., Ms. Rosy Banerjee, Adv. For the Respondent no.2 : Mr. Aryak Dutt, Adv. ORDER This intra-court appeal by the writ petitioner/assessee is directed against the order dated 5th July, 2023 in WPO No. 1193 of 2023. In the said writ petition the appellant/assessee had challenged the order passed under Section 148A(d) of the Income Tax Act, 1961 (the Act) dated 19th Ap....

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....d. and the same has been shown to adjust outstanding loan and the assessee was called upon to substantiate the transaction. The assessee, in no uncertain terms, stated that Brightmoon Supply Pvt. Ltd. is a Non-Banking Financial Company and the assessee has taken unsecured loan of Rs. 25,00,000/- during the assessment year 2019-20 and the same was repaid along with the interest in the same assessme....

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....rovert the explanation offered by the assessee that Brightmoon Supply Pvt. Ltd. is a NBFC and loan was taken during the assessment year 2019-20 and repaid along with interest in the same year and this was substantiated by the assessee by producing the ledger copy of a loan account. Thus, we find it is not a case where the power under Section 148 of the Act could have been invoked by the assessi....