2025 (11) TMI 571

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.... of the reassessment order passed under section 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2017-18. 2. Brief facts of the case is that the assessee is a Company filed its Return of Income for the Asst. Year 2017-18 on 16-10-2017 declaring total income of Rs. 1,79,06,740/-. The case was reopened on the basis that the assessee has received bogus loans and advances from M/s. Dishman Pharmaceuticals and Chemicals Ltd. (hereinafter referred as DPCL). In response, the assessee filed a return on 17-08-2021 which is belated and therefore treated as invalid return. Thus the Assessing Officer treated the loans and advances of Rs. 50 lakhs as unexplained credit u/s. 68 and taxed u/s. 115BB....

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....ured loan of Rs. 50,00,000/- from Dishman Carbogen Amcis Limited [DCAL] (formerly known as Dishman Pharma and Chemicals Limited) u/s 68 of the Act even after substantiating genuineness, creditworthiness and identity. 3. The Ld. CIT(A) has erred in law and on facts in not appreciating that entire unsecured loan has been repaid to DCAL during subsequent assessment year of 2019-20. 4. The learned CIT(A) has erred in law and on facts of the case in confirming invoking of provisions of Section 115BBE of the Act. 5. The Ld. CIT(A) and Ld. AO have erred in passing the order without providing the copy of documents and statement relied upon to make such impugned addition and not providing opportunity to cross-examine. Thei....

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.... received through banking channels, interest was paid by the assessee on such loans with appropriate TDS and also deposited with the Government account. Further the entire loan has been repaid through banking channels, there is no allegation by the Revenue that the cash trail has been found by the lower authorities in the loan transaction with DPCL. Thus the identity, creditworthiness of DPCL and the genuineness of the transaction were clearly established by the assessee and fully discharged the primary onus cast upon it and now the onus shifts to the A.O. to do the contrary by placing on record corroborative evidences. 5.1. Ld. Sr. Counsel further submitted that the assessing officer has not issued any notice or summons u/s 133(6) to M/....