2025 (4) TMI 2196

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....cate) & Ms. Khyati Avinash(Advocate)- Ld. ARs For the Respondent : Smt. Kusum Bansal (CIT) - Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 16-05-2023 in the matter of an assessment f....

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.... be hit by Explanation-1 to Sec.37(1). The assessee refuted the allegation and stated that the director had high net worth and all the surplus funds were invested in fixed deposits against which overdraft limits were obtained for day-today working. The unsecured loan as extend by the director were not out of borrowed funds. The OD limit was against fixed deposits receipts only. Though Ld. AO accep....