DINESH KANHIALAL JAIN,MUMBAI vs. DCIT CIRCLE - 41(2)(1), MUMBAI

ITA 139/MUM/2026Status: DisposedITAT Mumbai13 August 2026AY 2021-2214 pages
AI SummaryPartly Allowed

What were the facts?

The assessee, an electrical contractor, appealed against additions made by the AO and confirmed by the CIT(A). These additions pertained to alleged bogus purchases, unexplained loans, unexplained investments, and disallowances of expenses.

What did the Tribunal hold?

The Tribunal partly allowed the appeal, restricting the addition on bogus purchases to 12.5% and deleting additions related to unsecured loans, unexplained investments, rent disallowance, late fees, and closing creditors. Penalty proceedings were dismissed as premature.

What were the issues?

The key issues involved the genuineness of purchases and loans, the taxability of investments settled by adjustment of trade receivables, and the applicability of disallowances and interest provisions.

Which sections of the Income-tax Act were involved?

Section 69C,Section 68,Section 115BBE,Section 69,Section 40(a)(ia),Section 194-I,Section 234A,Section 234B,Section 234C,Section 234D,Section 270A,Section 271AAC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES, MUMBAI

Before: SANDEEP GOSAIN & BIJAYANANDA PRUSETH

Pronounced: 13.08.2026

PER SANDEEP GOSAIN, JUDICIAL MEMBER:

This appeal is filed by the Assessee against the order of Ld. NATIONAL FACELESS APPEAL CENTRE (NFAC) vide DIN: ITBA/NFAC/S/250/2025-26/1082647333(1) dated 14-Nov-2025 for the Assessment Year 2021-22. The Assessee has raised the following grounds of appeal:

ITA 139/MUM/2026 DINESH KANHIALAL JAIN

1) On the facts and c

The order continues below.

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