2024 (2) TMI 1605

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....r the Respondent : Mr. Pratyush Jhunjhunwala, Adv. ORDER The Court :- Heard learned counsel on both sides. 2. This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 16th May, 2023 passed by the Income Tax Appellate Tribunal 'B' Bench, Kolkata in I.T.A. No. 96/Kol/2021 for the assessment year 2015-2016. 3. The r....

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....owance made under Section 14A of the Income Tax Act, 1961 without considering that disallowance under Section 14A of the Income Tax Act, 1961 is not dependent on the amount of exempt income earned during the year? iii) Whether the Learned Income Tax Appellate Tribunal has committed substantial error in law in upholding the order of the Commissioner of Income Tax (Appeals) deleting the dis....

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....erned namely, whether the addition under Section 68 was justified, we find that the learned Tribunal has elaborately considered the factual position and relevant paragraph of the findings rendered by the CITA have been quoted by the Tribunal. From the said findings it is clearly evident that the assessee has discharged its onus to establish the creditworthiness of the lenders can also the fact tha....