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36. [2025] 122 ITR(T) 194 (Mum - Trib.)
Kaisha Lifesciences (P.) Ltd. vs. Deputy Commissioner of Income-tax
ITA NO.: 4311/MUM/2023
A.Y.: 2020-21 DATE: 24.10.2024
Sections 68 & 35(2AB)
No additions under section 68 when the identity and creditworthiness of the loan lender was established.
FACTS I
The assessee is engaged in the business of developing high-quality medication through in-house research of medicine. For the year under consideration, the assessee had filed its return of income on 30/01/2021 declaring a total income of Rs. NIL.
The assessee’s case was selected for complete scrutiny proceedings. During the assessment proceedings, the Ld. AO held that the assessee had failed to explain the nature and source of credit of unsecured loan of ₹2,30,00,000 from Mr. Karius Dadachanji and accordingly added the same to the total income of the assessee under section 68 of the Act.
Aggrieved by the order, the assessee filed an appeal before CIT(A). The CIT(A), vide impugned order, dismissed the gr
