2025 (12) TMI 1034

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....RDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No. 206/AGR/2025 for AY 2013-14, arises out of the order of the ld National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] dated 29.03.2025 against the order of assessment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 30.03.2016 by the Assessing Officer, AC....

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....n Kumar Budhamal engaged in the business of manufacturing of hulled seame seeds. The ld AO observed that the assessee had received unsecured loans from 4 parties totaling to Rs. 25,50,000/- and from 12 parties totaling to Rs. 24,70,000/- which are listed out in pages 2 to 4 of the assessment order. The ld AO concluded in the assessment proceedings that assessee could not prove the genuineness of t....

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.... assessee maintained with State Bank of India vide A/c No. 30406774448. 5. It was also pointed out before the ld CIT(A) that some of the loan creditors had advanced monies to the assessee in earlier years and that no fresh loans were received from those parties during the year but the ld AO had added the same as unexplained credit u/s 68 of the Act. The ld AO had reproduced the submission of th....

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....e file of the ld CIT(A) for de novo adjudication in accordance with law and with a direction to admit the additional evidences submitted by the assessee. The assessee is also at liberty to furnish further evidences, if any, in support of his contentions. The assessee is directed not to take unwarranted adjournments except due to exceptional or bonafide circumstances and cooperate with the ld CIT(A....