ACIT CENTRAL CIRCLE 1, 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
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