2025 (7) TMI 108

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....ates to the assessment year 2013- 2014. 2. The brief facts of the case as coming out of the orders of the lower authorities are that the assessee is a partnership firm engaged in civil contracts, filed its return of income declaring taxable income of Rs. 1,84,051. The case of the assessee was selected for scrutiny. During the course of assessment proceedings, the Assessing Officer observed that there was capital gain of Rs. 169282551, which has not been offered for taxation by the assessee, on the ground that the entire amount has been taken away by South Indian Bank Limited. It has further explained by the assessee that the assessee stood as guarantor one M/s.Geotech Construction Company Limited, which was the sister concern of the asse....

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....ers of the CIT(A), which facts goes to the root of the matter. For the sake of convenience, we reproduce these facts herein below:- "I find that an amount of Rs. 12,36,84,422/- was deposited in the appellant's account on 17.01.2013 vide Bill No. 4671399, 4671400 and 4671401 and the same was transferred to the overdraft bank account of the GTCCPL in South Indian Bank Ltd. The entries in the bank statement clearly shows that the sales proceeds were first credited into the account of the appellant firm with the bank and then debited to transfer the money to the overdraft account of GTCCPL. Further, the AO has pointed out one main aspect saying that the appellant firm has shown loan to the GTCCPL as creditor under the head "long te....