TaxTMI 
TaxTMI 
2026 (8) TMI 1825
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....ears from the report of the Registry that the appeal has been filed after a delay of 170 days. The Revenue has filed the petition to condone the delay. Going over the contents of the petition delay is hereby condoned. 2. The brief facts of the case of the assessee is that a search & seizure operation was carried out at the residential and office premises of "Health Care Group" on 05.02.2021. The assessee Anup Kumar Lakhotia belongs to this group. Consequent upon search and seizure operation, notice u/s 153A of the Income Tax Act, 1961 was issued on 01 12.2021and duly served upon assessee seeking to file return for A.Y 2019-20. In response, return of income was filed by assessee on 02.12.2021 declaring a total income of Rs. 2363470/-The r....
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....aken and repaid on several occasions throughout the year. In the case of B & B Marketing Pvt Ltd it is observed that prior to the receipts of the amounts of Rs. 5.59,000/- and Rs. 13,72,000/- by the appellant, several amounts were advanced by the appellant to the said company, B & B Marketing Pvt. Ltd. Hence these payments of Rs. 5,59,000/- and Rs. 13,72,000/- by B & B Marketing Pvt. Ltd to the appellant, are rather repayment made by B & B Marketing Pvt. Ltd. It is also observed that specifically in the case of M/s Bhawani Alumina Products, the appellant had been making several statutory payments on behalf of M/s Bhawani Alumina Products. I therefore agree with the appellant's contention that in both these cases, the transactions are co....
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....ar Interest on Loan 1. Surana Trading Co Pvt Ltd 350108 The appellant has stated that during the year no fresh loan was taken but interest was paid to M/s Surana Trading Co Pvt Ltd after TDS deduction, on loans taken during previous years. In Support of the same the appellant has furnished the requisite documentary evidences. Since no loan has been taken from the said concern M/s Surana Trading Co Pvt Ltd during the year and the same is also apparent from the AO's notings in the assessment order, the AO is factually incorrect and therefore no addition could have been made u/s 68. The addition of Rs. 350108/- made on this count also stands deleted. This ground is allowed. In the result, the appeal ....
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....g the submission of the counsel of the respective parties and on perusal of the impugned order we find that assessee being an individual deriving his income mainly from director's salary and from other sources. As per the survey operation it appears that assessee took unsecured loan from the five parties. It is pertinent to mention here that assessee has submitted copy of ledger of all the parties concerned that goes to establish that amount of loan was interest bearing commercial loan. The ledger copy of M/s B & B Market clearly reflects that it was an interest bearing commercial loan. Copy of the ledger of M/s Bhawani Alumina Products Pvt. Ltd with regard to the loan of Rs. 1,99,37,000/- reveals that it was not in fact a loan transaction ....