ASSTT. COMMISSIONER OF INCOME TAX, RANGE-3, LUCKNOW vs. SHRI ABHISHEK AGARWAL, BARABANKI

ITA 162/LKW/2023Status: DisposedITAT Lucknow23 June 2026AY 2014-1519 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the order of the First Appellate Authority, finding that the assessee had discharged its onus under Section 68 by providing sufficient documentary evidence. The Revenue failed to provide any contrary material to impeach the authenticity of the transaction.

What were the facts?

The Revenue appealed against the deletion of an addition of Rs. 2,07,50,000 made under Section 68 for a loan received by the assessee. The assessee had submitted additional evidence before the First Appellate Authority, which led to a remand report and subsequent deletion of the addition.

What were the issues?

Whether the First Appellate Authority erred in deleting the addition under Section 68 by admitting and relying on additional evidence, and whether the assessee had sufficiently proved the identity, genuineness, and creditworthiness of the loan transaction.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 143(2),Section 142(1),Section 144B,Section 133(6),Section 69C

AI-generated summary — verify with the full judgment below

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

Before: SHRI. SUDHANSHU SRIVASTAVA & SHRI NIKHIL CHOUDHARY

For Appellant: Shri Amit Kumar, D.R

PER SUDHANSHU SRIVASTAVA, J.M.:

This appeal has been preferred by the Revenue against the order dated 28.03.2023, passed by the National Faceless Appeal Centre, Delhi (NFAC) for Assessment Year 2014-15. 2.0 The brief facts of the case are that the assessee had filed his return of income for the year under consideration on 30.12.2014 declaring a total income of Rs.95,13,570/-. On the basis of information available with the Income Tax Department that the assessee had taken loan of Rs.2,07,50,000/- from one Shri Sharad Darak during the year under consideration, the case of the assessee was reopened under section 147 of the Act the Income Tax Act, 1961 (hereinafter called 'the Act’) after issuing

ITA No.162/LKW/2023 Notice under section 148 of the Act. The assessee argued before

The order continues below.

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