2025 (10) TMI 226

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....s Samyak Metals Pvt. Ltd., is a private limited company engaged in the business of manufacturing aluminum alloy ingots and aluminum liquid through its plant located at Dharuhera, Haryana. The company holds ISO 9001:2015 certification and was incorporated under the Companies Act, 1956. For the assessment year under consideration, the assessee filed its return of income electronically on 13.10.2017, declaring total income of Rs. 55,88,940/-. The return was processed and subsequently selected for complete scrutiny under CASS. Thereafter, Notice under section 143(2) of the Act was issued on 14.09.2018 and Notices under section 142(1) along with detailed questionnaires were issued by the Assessing Officer. During assessment, the Assessing Office....

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....est of Rs. 53,77,127/-. The gist of the findings of the Ld. CIT(A) related to the deletion of the addition is as under: i) "That the assessee had furnished confirmations, PAN details, ITR acknowledgements, and bank statements of the loan creditors to establish identity, creditworthiness, and genuineness of the transactions. ii) That most of the loans had been accepted from directors, shareholders, or past lenders, and similar transactions had been accepted in earlier assessment years without dispute. iii) That the Assessing Officer had not brought any contrary material on record to rebut the documentary evidence or to establish that the amounts represented the assessee's undisclosed income. iv) That obser....