2026 (1) TMI 614

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.... For the Respondent : Ms. PoojaSwaroop, CIT, DR ORDER PER ANUBHAV SHARMA, JM: This appeal is preferred by the Revenue against the order dated 18.07.2023 of the Ld. National Faceless Appeal Centre (NFAC) (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in DIN & Order No : ITBA/NFAC/S/250/2023-24/1054416012(1)arising out of the order dated 22.12.2017 u/s 143(3....

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....ecome time barred that assessee has not written off these debt in the books of account and the liability is still exceeding. 2.1 However, Assessing Officer was not convinced and made the addition of Rs. 20,23,30,682/-being loan raised from 21 parties holding that the loans are still outstanding from the dates before 01.04.2020 while interest is being paid and lenders whereupon are not known. ....

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....s are no more payable and provisions of Section 28(iv) were rightly invoked. 4. Taking into consideration the contentions as raised and the material on record we find that the loans were raised by the assessee in earlier except one from M/s Zoom Communication Ltd. There is no material on record or in the assessment order showing that any of the loans has waved off and the financials of the asse....

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.... that the unsecured loans were genuine. Assessee has also filed confirmation of loans raised from 6 foreign parties of Rs. 42,10,515/-. The director, Shri Manraj Singh Bindra, of M/s Gem Management Ltd. had stated that these 6 companies had merged into M/s Gem Management Ltd. however, AO has considered the amalgamation of companies to be waiver of the loan which is not correct view and the loans s....