VINODKUMAR MAHESHWARI,PLOT NO 16 ,NR VINAYAK COLD STORAGE SHANKER TEKRI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1, JAMNAGAR RANGE.

ITA 756/RJT/2025Status: DisposedITAT Rajkot28 August 2026AY 2022-2328 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had provided sufficient documentary evidence to establish the identity, genuineness, and creditworthiness of the lenders. The mere mismatch between loan amount and returned income, or non-response to section 133(6) notices, was not sufficient to reject the evidence.

What were the facts?

The Assessing Officer treated trade creditors and unsecured loans as unexplained under Section 68 of the Income Tax Act, 1961, due to lack of response from creditors/lenders to notices and perceived discrepancies in their financial capacity. The assessee had provided confirmations, ledger accounts, bank statements, and ITRs.

What were the issues?

Whether the addition of trade creditors and unsecured loans under Section 68 was justified when the assessee provided documentary evidence, and whether consequential disallowance of interest was sustainable.

Which sections of the Income-tax Act were involved?

Section 68,Section 133(6),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Before: Dr. Arjun Lal Saini & Shri Sonjoy Sarma

For Appellant: Shri Sagar Shah, Ld. AR
For Respondent: Shri R. N. Arun Prashad, Ld. CIT(DR)
Hearing: 14/07/2026Pronounced: 28/08/2026

Per, Shri Sonjoy Sarma, JM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY) 2022-23, is directed against the order under section 250 of the Income-tax Act, 1961 [hereinafter referred to as ‘the Act’] passed by the National Faceless Appeal Centre [hereinafter referred to as ‘NFAC’], dated 30.10.2025, which in turn arises out of an order passed by assessing officer u/s. 143(3) of the Act, dated 26.03.2024. 02. Brief facts of the case are that the assess

The order continues below.

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