TaxTMI 
TaxTMI 
2026 (6) TMI 229
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....arned CIT(A) erred in upholding the order passed by the Ld DCIT u/s.143(3) rws 153A rws 254 of the Act, since it is passed without a proper consideration and appraisal of the facts of the case. An incorrect and improper order has been passed without considering the appellants contentions. It is capricious in nature and has been made ignoring the genuine facts, and the submissions of the appellant with an intention to punish the appellant, and should be quashed and annulled. GROUND NO.2: Without prejudice to ground no. 1 above, the CIT(A) erred in upholding the additions made by the Ld. DCIT of Rs. 93,06,477/- on account of undisclosed interest income, even though the same is contrary to the facts of the case and a....
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.... wherein it was observed that the Assessee had given loan amount of Rs. 5.50 crores to Sh. Rajiv Bhale at an interest rate of 24% per annum, amounting to Rs. 93,06,477/- which according to the Ld. A.O. was not declared by the Assessee and hence an addition on undisclosed income was made by the Ld. A.O. The Assessee was in appeal before the first appellate authority who dismissed the said appeal on the ground that the Assessee's contention was not supported by any substantial evidence. 5. The assessee filed the second appeal before the Tribunal and the Tribunal, vide order dated 17.02.2021, set aside the issue to the Ld. AO with the direction to verify with Shri Rajeev Bhale whether the assessee had received interest as per the seized doc....
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....t have charged interest amounting to Rs. 93,06,477/- as per the seized documents. 6. The assessee is in appeal before us challenging the order of the Ld. CIT(A). 7. We have heard the rival submissions and perused the material available on record. The moot issue that requires adjudication is whether the assessee has received interest on the loan given to Shri Rajeev Bhale which, according to the Department, was not declared in his return of income and the assessee's contention is that he had not received any interest income towards the loan extended by the assessee to Shri Rajeev Bhale. It is observed that during the search proceedings certain incriminating documents marked as page 7-10 Annexure-A was seized from the residence of the a....
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....statement further clarified that since Shri Rajeev Bhale was unable to repay the assessee the advance of Rs. 5.50 crore, another property of Shri Rajeev Bhale which was taken in possession by the State Bank of India against the dealership loan was decided to be purchased by the assessee from SBI and the assessee had adjusted the advance amount against purchase of the said property. Pertinently, with regard to the interest payment alleged to have been received by the assessee, there was no other details other than the seized documents named Annexure A-3 in which the assessee is said to have computed the interest for the advance receivable at 24%, brought about by the Ld. AO. The assessee has been reiterating that he had received only the pri....
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....the interest addition can be made after reducing the 9% interest which was already declared by the assessee in its ROI for the reason that no supporting documents were filed by the assessee towards his claim that the interest income of Rs. 39,37,500/- shown in the balance sheet filed by the assessee as interest received on unsecured loan was not proved to have been received from Shri Rajeev Bhale. The Ld. AO made an addition on the entire interest of Rs. 93.06 lakhs as per the seized material. The Ld. CIT(A) upheld the addition made by the Ld. AO relying on the finding of the AO. 8. On the above factual matrix of the case, it can be inferred that there is no iota of doubt that the loan which was advanced by the assessee to Shri Rajeev Bh....