VED PRAKASH AGRAWAL,AGRA vs. ITO WARD 2(1)(1), AGRA

ITA 478/AGR/2026Status: DisposedITAT Agra16 September 2026AY 2012-20136 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had provided sufficient evidence, including bank statements and confirmations, to prove the identity, genuineness, and creditworthiness of the lenders for the loans of Rs. 2,00,000/- and Rs. 3,50,000/-. Therefore, the additions made under Section 68 were deleted.

What were the facts?

The assessee declared income and claimed deductions, including interest on unsecured loans. The Assessing Officer disallowed interest on unsecured loans of Rs. 8,00,000/-, treating them as income from undisclosed sources, and also made additions for conveyance, telephone, and general expenses. The CIT(A) partly allowed the appeal, confirming an addition of Rs. 5,50,000/-.

What were the issues?

Whether the additions made under Section 68 on account of unsecured loans were justified despite the assessee providing evidence of identity and genuineness of the lenders during the appellate proceedings.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AGRA (DB

Before: SUNIL KUMAR SINGHBRAJESH KUMAR SINGH

For Appellant: Shri Subhash Chand Agrawal, Adv.& Shri
For Respondent: Shri Anil Kumar, Sr (DR)
Hearing: 23.07.2026Pronounced: 16.09.2026

PER:SUNIL KUMAR SINGH, J.M. This appeal is directed against the impugned order dated 13.04.2026 passed in appeal No CIT(Appeal) 2, Agra/10158/2015-16 (Manual Appeal Register Number: 17/2015-16) by the ld. Commissioner of Income Tax/ ADDL/JCIT (A)-2, Delhi (hereinafter referred to as the “CIT(A) u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) for the A.Y. 2012-13, wherein ld CIT(A) has partly allowed assessee’s appeal, confirming the additions of Rs. 5,50,000/- and deleted the remaining additions conditionally.

2.

The brief facts state that appellant assessee is a proprietor of M/s Agrawal Scientific Glass

The order continues below.

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