2026 (6) TMI 81

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r short] passed u/s. 250 of the Income Tax Act, 1961 ('the Act' for short) relevant to the Assessment Year ('A.Y.' for short) 2018-19 & 2017-18 in ITA Nos.8529 & 8653/Mum/2025 and AY 2014-15 & 2015-16 in ITA Nos.8530 & 8651/Mum/2025. 2. As the facts are identical, we hereby pass a consolidated order by taking ITA No.8529/M/2025 as the lead year. 3. As none appeared on behalf of the assessee even on the earlier hearing, we hereby proceed to dispose of the appeal by hearing the Learned Departmental Representative ("Ld. DR" for short) for the Revenue and the materials available on record. 4. The assessee has raised the following grounds of appeal: "1. The CIT (A) erred in determining the business income of the Appellant a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tal income at Rs. 18,53,89,677/- after making an addition of Rs. 7,76,00,000/- u/s 68 of the Act towards unsecured loan on the ground that the assessee has failed to discharge the primary onus casted upon it in establishing the identity and creditworthiness of the parties and genuineness of the transaction. 6. Aggrieved, the assessee was in appeal before the first appellate authority, who vide order dated 13.10.2025 dismissed the appeal filed by the assessee on the ground that the assessee has failed to substantiate its claim. 7. Aggrieved, the assessee is in appeal before us, challenging the impugned order of the Ld. CIT(A). 8. We have heard the Ld. DR and perused the materials available on record. It is observed that the assessee....