9911796707
TMI Blog2024 (1) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... planation offered by the assessee for the allegation against them was not considered by the AO - HELD THAT:- The assessee enclosed the ledger copy along with balance confirmation along with its reply. Therefore, the assessee submitted that the allegation that they have routed back their unaccounted income by way of unsecured loan is baseless and without any corroborative evidence. If such was the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been invoked by the assessing officer. Accordingly, the appeal is allowed. - Hon ble The Chief Justice T.S. Sivagnanam And Hon ble Justice Supratim Bhattacharya For the Appellant : Ms. Arati Agarwal, Adv., Ms. Rosy Banerjee, Adv. For the Respondent no.2 : Mr. Aryak Dutt, Adv. ORDER This intra-court appeal by the writ petitioner/assessee is directed against the order dated 5th July, 2023 in W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has got a strong case on merits and requested to urge those grounds. The allegation against the assessee was that they have taken a loan from Brightmoon Supply Pvt. Ltd. and the same has been shown to adjust outstanding loan and the assessee was called upon to substantiate the transaction. The assessee, in no uncertain terms, stated that Brightmoon Supply Pvt. Ltd. is a Non-Banking Financial Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r passed under Section 148A(d) is a nonspeaking order, outcome of total non-application of mind and it also reveals that the Assessing Officer had no material to controvert the explanation offered by the assessee that Brightmoon Supply Pvt. Ltd. is a NBFC and loan was taken during the assessment year 2019-20 and repaid along with interest in the same year and this was substantiated by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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