GOENKA ROCKWOOL INDIA PRIVATE LIMITED, RAIPUR,RAIPUR vs. DCIT-1(1),RAIPUR, RAIPUR

ITA 721/RPR/2025Status: DisposedITAT Raipur06 August 2026AY 2014-1523 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that if the assessee successfully establishes the identity, creditworthiness, and genuineness of unsecured loan transactions through evidence, additions under Section 68 are arbitrary and liable to be deleted. The CIT(Appeals) order was set aside.

What were the facts?

The assessee received unsecured loans from two companies, but the Assessing Officer (AO) found the lenders' addresses non-existent and their financial standing poor. The AO concluded the loans were not genuine and added the amount to the assessee's income under Section 68.

What were the issues?

Whether the unsecured loans received by the assessee were genuine, and if the assessee had discharged its onus to prove the identity, creditworthiness, and genuineness of the lenders.

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, “DB” RAIPUR

Before: SHRI R.K PANDA & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri R.B Doshi, CA
For Respondent: Shri Rituparna Namdeo, CIT-DR
Hearing: 03.08.2026Pronounced: 06.08.2026

PER PARTHA SARATHI CHAUDHURY, JM: The present appeal preferred by the assessee emanates from the order of the Ld.CIT(Appeals)/NFAC, Delhi dated 22.09.2025 for the assessment year 2014-15 as per the grounds of appeal on record.

2.

The brief facts in this case are that during the assessment proceedings, it was observed by the A.O that the assessee had received unsecured loan from M/s.Front Viacon Pvt. Ltd

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →