9911796707
TMI Blog2024 (1) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... sy 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 WPO No. 1193 of 2023. In the said writ petition the appellant/assessee had challenged the order passed under Section 148A(d) of the Income Tax Act, 1961 (the Act) dated 19th April, 2023. Primarily two grounds were r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... standing 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 Company and the assessee has taken unsecured loan of Rs. 25,00,000/- during the assessment year 2019-20 and the same was repaid along with the interest in the same assessment year. The assessee enclosed the ledger co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by producing the ledger copy of a loan account. Thus, we find it is not a case where the power under Section 148 of the Act could have been invoked by the assessing officer. Accordingly, the appeal is allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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