YAMUNAVIEW TOWERS PRIVATE LIMITED,BAREILLY, UTTAR PRADESH vs. DCIT/ACIT CENT BAREILLY-1, BAREILLY, UTTAR PRADESH

ITA 718/LKW/2025Status: DisposedITAT Lucknow06 July 2026AY 2019-2037 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged its primary onus by providing documents like bank statements and lender confirmations. The Assessing Officer failed to bring contrary evidence to disprove the genuineness of the transactions.

What were the facts?

The assessee received loans and paid interest to entities identified as accommodation entry providers in an investigation report. The Assessing Officer treated these loans as unexplained cash credits and the interest as unexplained expenditure, making additions to the assessee's income.

What were the issues?

Whether loans and interest paid to entities identified as accommodation entry providers can be added to income without cogent evidence from the AO, and whether the reassessment proceedings were valid.

Which sections of the Income-tax Act were involved?

Section 68,Section 69C,Section 147,Section 148

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH “B”, LUCKNOW

Before: SHRI. SUDHANSHU SRIVASTAVA & SHRI NIKHIL CHOUDHARY

For Appellant: Shri Ved Jain, Advocate

PER BENCH:

The appeal in ITA No.716/LKW/2025 has been preferred by the Assessee (Competent Stock Brokers Private Limited, Bareilly) against the order dated 15.08.2025, passed by the Learned Commissioner of Income Tax (Appeal), Lucknow -3 [Ld. CIT(A)] for Assessment Year 2019-20 and the appeals in ITA Nos.718 &

ITA No.716/LKW/2025 & ITA Nos.718 & 719/LKW/2025 719/LKW/2025 have been preferred by the Assessee (Yamunaview Towers Private Limited, Bareilly) against the respective orders dated 15.08.2025, passed

The order continues below.

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