DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1), RAIPUR, RAIPUR vs. SUBH RAIPUR VYAPAR VIHAR DEVELOPERS LLP, RAIPUR

ITA 659/RPR/2026Status: HeardITAT Raipur10 September 2026AY 2020-217 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that once the assessee establishes repayment of loans with cogent evidence in subsequent years, additions under Section 68 cannot be sustained. The repayment through banking channels further supports the genuineness of the transactions.

What were the facts?

The Revenue appealed against the deletion of an addition made under Section 68 of the Income Tax Act. The assessee had received unsecured loans which were later repaid in subsequent assessment years. The Assessing Officer treated these loans as fictitious.

What were the issues?

Whether unsecured loans, even if repaid in subsequent years, can be added under Section 68 if the Assessing Officer deems them fictitious without proper inquiry.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH “SMC”, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY

For Respondent: Shri Piyush Tripathi, Sr. DR
Hearing: 10.09.2026Pronounced: 10.09.2026

PER PARTHA SARATHI CHAUDHURY, JM The present appeal preferred by the Revenue emanates from the order of the Ld.CIT(Appeals)/NFAC, Delhi dated 24.06.2026 for the assessment year 2020-21 as per the grounds of appeal on record.

2.

The relevant facts as emanated from the order of the Ld.CIT(Appeals)/NFAC are extracted as follows:

“5. OBSERVATION AND DECISION: I have considered the submissions of the appellant. Appe

The order continues below.

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