2025 (7) TMI 1845

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....oshi (SR.DR.) ORDER PER ANIKESH BANERJEE (JM): The instant appeal of the assessee was filed against the order of the Learned Commissioner of Income-tax (Appeals)-53, Mumbai [hereinafter called, 'Ld. CIT(A)] passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act') for Assessment Year 2018-19, date of order 14/12/2024. The impugned order emanated from the order of the Nati....

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....ount to a sister concern of the loan creditor, namely, Shree Oshiya Ferro Alloys Pvt. Ltd. The Ld. AR contended that appropriate journal entries were passed in the books of account to reflect the said repayment. On examination of the assessment record, it is observed that the Ld. AO noted that the assessee had informed about the repayment made to a third party, although the original loan credit....

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....pany has failed to submit any documentary evidences which can prove the creditworthiness of the lender company. In view of above narrated facts it is evident that the assessee company has failed to prove genuineness of transaction which was done a company whose registration has been cancelled." 4. Upon careful consideration, we observe that although the loan creditor was struck off by an order ....

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.... are of the considered opinion that the matter requires proper verification, and the assessee should be allowed one more opportunity to establish the transaction with loan creditor. Accordingly, the matter is remanded to the file of the Ld. Jurisdictional AO (JAO) for the limited purpose of verifying the repayment made to the sister concern of the loan creditor and verification of the loan tran....