TaxTMI 
TaxTMI 
2025 (5) TMI 2116
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....ER PER PRADIP KUMAR CHOUBEY, JM: This is the appeal preferred by the assessee against order of Commissioner of Income Tax (Appeal)- 27, Kolkata (hereinafter referred to as the Ld. CIT(A)] dated 27.02.2024 for AY 2018-19. 2. Brief facts of the case of the assessee are that the assessee filed its return of income for AY 2018-19 declaring total income of Rs. 99,27,760/-. The case of the assessee....
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....sel of the assessee challenges the very impugned order thereby submitting that the Ld. CIT(A) erred in confirming the addition to the extent of Rs. 35,88,850/- on the ground that debtors were evidenced through unsecured loan, when the fact remains that the entire unsecured loans were utilized for business work-in progress only out of commercial expediency. The Ld. Counsel submits that the AO did n....
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....an to the tune of Rs. 24.39 crores during the year and the fund were utilized in setting sundry creditors of Rs. 14.01 and created new debtor of Rs. 4.80 crores. We have gone through the PB filed by the assessee and find that the balance sheet of the assessee goes to reveal that the outstanding unsecured loan on 31.03.2018 was Rs. 49,58,71,929/-. We further find that on perusal of comparison chart....
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....ecured loan has been utilized for the purpose of business. No fund used for any capital investment. We do not find that any of the loan fund utilized by the assessee for any personal purposes. We find substance in the argument of the ld. Counsel that the AO could not specifically pin point any personal/capital usage of fund received towards unsecured loans and the reason for decrease in trade paya....