TaxTMI 
TaxTMI 
2025 (4) TMI 2115
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....PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi (hereinafter referred to as 'the CIT(A)') dated 14.10.2024, for assessment year 2017-18. 2. Shri K. Sampath appearing on behalf of the assessee submitted at the outset that he is not pressing ground no. 1 of appeal assailing ....
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....nued the business. Subsequently, in September 2019 the entire borrowings from M/s. Olwin Garments P. Ltd. were repaid by the assessee in three installments as under:- Date Amount of repayment 11.09.2019 10,00,000/- 16.09.2016 10,00,000/- 25.09.2019 15,00,000/- 4. The amount was received by the assessee from M/s. Olwin Garments P. Ltd. through banking transactions. In sup....
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....of the assessee. 6. Both sides heard. The solitary issue assailed in appeal by the assessee is the addition of Rs. 35,00,000/- made u/s. 69A of the Act, on account of alleged bogus entries received by the assessee from M/s. Olwin Garments P. Ltd. The assessee is stated to be a fashion designer. For starting her business during the period relevant to assessment year under appeal she allegedly bo....
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....k Vihar Branch, Delhi at page no. 9 and 10 of the paper book. I find merit in the submissions of the assessee which are duly substantiated with the documentary evidences furnished by the assessee. Hence, addition of Rs. 35,00,000/- made u/s. 69A of the Act is deleted and ground no. 2 of appeal is allowed. 7. As regards ground no. 1 of appeal challenging validity of reopening of assessment, the ....