2025 (9) TMI 1650

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....Revenue : Dr. Ranjit Kaur, Addl. CIT, Sr. DR ORDER PER MAHAVIR SINGH, VP: This appeal by assessee is arising out of the order of CIT(A), NFAC, Delhi, in appeal no. CIT(A), Karnal/10921/2019-20. Assessment was framed by ACIT /DCIT, Circle, KUK, under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for Assessment Year 2017-18 vide his order dated 30.12.2019....

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....lakhs and in the case of Sidh Prakash & Sons amounting to Rs. 85 lakhs for the reasons that no supporting evidences were filed, such a PNB account and balance sheet evidencing the creditworthiness of the lenders. Aggrieved, the assessee is in appeal before the Tribunal. 5. Before us, the Ld. Counsel for the assessee, in regard to Jai Kishan Dass Kirori Mal, filed bank statement evidencing by ch....

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....st. The Ld. Counsel stated that this amount of Rs. 85 lakhs was received by account payee cheques of Central Bank of India's CC account and these amounts were received on 20.12.2016 Rs. 50 lakhs and on 23.12.2016 Rs. 19 lakhs and balance sheet sum of Rs. 11 lakhs on 27.12.2016. The next amount of Rs. 5 lakhs was received on 7.3.2017. From perusal of bank account, it seems that these credit entries....

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....s. 2,650/- in its ITR on the payment received of Rs. 1,32,708/- from Paradise Wires Limited. This was not disclosed in the ITR by the assessee. The AO added the same and CIT(A) also confirmed the same. We noted from the arguments of learned Counsel for the assessee that the assessee did not receive any amount or income of this nature from Paradise Wires Limited. He stated that the Paradise Wires L....