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Documents citing M/S. Sumeru Soft Pvt. Ltd., Chennai vs Ito, Chennai on 19 January, 2018

M/S Sumeru Enterproses, Jaipur vs Income Tax Officer, Ward-6-4, Jaipur on 20 January, 2021

4,77,36,535/- debited by the appellant in the books of accounts was not having any nexus with the business of the appellant. Even during the course of appellate proceedings, the appellant has failed to show that the interest of Rs. 4,77,36,535/- debited by the appellant was incurred in investment of the business carried on by the appellant. Therefore, in view of the facts discussed by the AO in the assessment order in detail, I am of the considered view that the AO has rightly disallowed the interest of Rs. 4,77,36,535/-. Accordingly, the 7 ITA No. 886 to 888/JP/2019 M/s Sumeru Enterprises vs. ITO disallowance of Rs. 4,77,36,535/- made by the AO is hereby confirmed."
Income Tax Appellate Tribunal - Jaipur Cites 27 - Cited by 0 - Full Document

Sumeru Textiles Private Limited,Surat vs Ito, Ward 2(1)(3), Surat on 26 March, 2026

8.4 The pattern of transactions, i.e. repeated loans taken at short intervals, followed by multiple cash withdrawals and eventual re-deposit, clearly indicates that the explanation is an afterthought, devised to give a colourable justification to unexplained money. No lender confirmation was produced to establish that the loans were specifically taken for the purpose of property purchase. The manner and frequency of transactions negate the existence of any genuine or planned property transaction. If the cash had genuinely been withdrawn for the purpose of purchasing immovable property, the same would have been paid to the seller and not re-deposited into the bank account. The re-deposit of the entire amount conclusively proves that no property transaction ever took place. There is neither ITA No. 417/SRT/2025 Sumeru Textiles Pvt Ltd Vs. ITO Asst. Year : 2017-18
Income Tax Appellate Tribunal - Surat Cites 11 - Cited by 0 - Full Document
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