2026 (6) TMI 277

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....ssessee from Bhavishya lnvest Serve Pvt. Ltd. and Nandini Tradex Pvt. Ltd. 2. The Ld. Counsel for the assessee at the outset submits that though the assessee has raised several technical grounds and grounds on merits, the assessee would like to pursue only the grounds on merits of the addition made by the AO i.e. ground Nos. 5 and 6 of grounds of appeal of the assessee. 3. The Ld. Counsel for the assessee submitted that during the assessment year under consideration the assessee had obtained loans of Rs. 35,23,010/- from Bhavishya lnvest Serve Pvt. Ltd. and Rs. 1,66,02,685/- from Nandini Tradex Pvt. Ltd. It is submitted that the assessee forfeited these loans and offered to tax in the A.Y. 2023-24. Ld. Counsel for the assessee referri....

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.... Year 2023-24. 6. On the other hand the Ld. DR strongly supported the orders of the authorities below. 7. Heard rival contentions and perused the orders of the authorities below and the materials placed before us. On perusal of the computation of income furnished by the assessee before us for the A.Y. 2023-24 and the statement of profit and loss account for the year dated 31.03.2023, it is observed that the assessee had shown other income of Rs. 2224.63 lacs and arrived at the profit before tax of Rs. 1439.49 lacs which figure was reflected as income in the computation of income filed by the assessee for the A.Y. 2023-24. 8. The assessee also furnished breakup of other income as on 31.03.2023 and 31.03.2022 as reflected in the P & ....

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.... 10,00,000.00   Ojas Marketing 48,00,000.00   Pawan Motor And General Finance Private Limited 2,09,75,765.00   Odisha Finlease Pvt Ltd 53,77,675,00   Nandini Tradex Pvt Ltd Unit No 1,65,00,000.00   Mpm Realty Pvt Ltd 50,00,000.00   Bhavishya Investserve Pvt Ltd Unit No 35,00,000.00   Albatross Homes Pvt Ltd 1,00,00,000.00   Domain Enterprises Pvt Ltd. 79,11,803.00     21,75,95,715.00 2 House Tax 17,52,160.50 3 Interest Recd (Bank Guarantee) A/C 6,96,525.00 4 Profit on Sale of Investment 23,72,126.00 5 Misc. Income 46,016.99 Total 22,24,62,543.49 10. As is evident fr....