ACIT CENTRAL CIRCLE 1 GUWAHATI, GUWAHATI vs. MAHAVIR FINANCE PVT LTD, WEST BENGAL
What did the Tribunal hold?
The Tribunal upheld the CIT(A)'s deletion of additions, finding that the additions were made on the basis of investigation reports without proper cross-verification and that the assessee had provided sufficient documentary evidence. The cross-objections regarding reopening were dismissed.
What were the facts?
The revenue challenged the deletion of additions made under Section 68 and 69C of the Income Tax Act, 1961, concerning transactions with three entities and derivative trading losses. The assessee cross-objected regarding the validity of reopening the assessment.
What were the issues?
Whether additions made under Section 68 and 69C were justified, and whether the reopening of assessment under Section 147/148 was valid.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Heard together (4 matters)
Read from the judgment's own cause title. This page is filed under one of them.
IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH, GUWAHATI (Through Virtual hearing at Kolkata) SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER Assessment Year: 2014-15
ACIT, Central Circle – 1, Vs. Mahavir Finance Pvt. Ltd., Room No. 305, 8, Canning Street, Aayakar Bhawan Office, Room Kolkata - 700001 No. 510, Central Circle-1, 5th PAN No. AACCM3074D Floor, Guwahati - 781006
APPELLANT RESPONDENT
CO No.06/GTY/2026 (In ITA No. 230/GTY/2025) Assessment Year: 2014-15
Mahavir Finance Pvt. Ltd., Vs. ACIT, Central Circle – 1, Room No. 305, 8, Canning Street, Aayakar Bhawan Office, Kolkata - 700001 Room No. 510, Central Circle- PAN No. AACCM3074D 1, 5th Floor, Guwahati - 781006
APPELLANT RESPONDENT Assessment Year: 2015-16 CO No. 06 & 07/GTY/2026
ACIT, Central Circle – 1, Vs. Mahavir Finance Pvt. Ltd., Room No. 305, 8, Canning Street, Aayakar Bhawan Office, Room Kolkata - 700001 No. 510, Central Circle-1, 5th PAN No. AACCM3074D Floor, Guwahati - 781006
APPELLANT RESPONDENT
CO No. 07/GTY/2026 (In ITA No. 250/GTY/2025) Assessment Year: 2015-16
Mahavir Finance Pvt. Ltd., Vs. ACIT, Central Circle – 1, Room No. 305, 8, Canning Street, Aayakar Bhawan
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.
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
- ACIT Central Bilaspur, Bilaspur vs Arun Kumar Agrawal, SaktiITSSA 26/RPR/2025[2018-19]Status: Disposed21 Oct 2026AY 2018-19
- Neo Incorporation, Rajkot vs DCIT Circle- 1(2), RajkotITA 471/RJT/2026[2012-2013]Status: Disposed21 Oct 2026AY 2012-2013
- Bliss Dealtrade Private Limited, Kolkata vs Income Tax Officer - Ward 9(2) Kolkata…ITA 208/KOL/2026[2012-13]Status: Disposed21 Oct 2026AY 2012-13
- Hemal Paresh Madeka, Rajkot vs Asst.Commissioner of Income Tax…ITA 955/RJT/2026[2020-21]Status: Disposed19 Oct 2026AY 2020-21
- Ajaybhai Dineshbhai Bagdai, Near Central… vs The Income Tax Officer, Ward-1(2)(1), New…ITA 74/RJT/2026[2013-14]Status: Disposed19 Oct 2026AY 2013-14
Recent GST High Court judgments
Search GST case law →- Tvl. Jeyarani Shopping Centre vs. The Deputy State Tax Officer -1/The Deputy Commercial Tax OfficerMadras · 14 Oct 2026
- Rohan Tanna vs. Directorate General Of Goods And Services Tax IntelligenceChhattisgarh · 14 Oct 2026
- Dipak Saikia vs. The Union Of INDIA And 4 OrsGauhati · 14 Oct 2026
- Saraswati Phukan vs. The Union Of INDIA And 4 OrsGauhati · 14 Oct 2026
- Sanjay Maheshwari vs. Union Of INDIA & Ors.Delhi · 14 Oct 2026
