SANGRAHALAYA TIMBER AND CRAFTS LIMITED,KOLKATA vs. ITO WARD 2(2), GUWAHATI, GUWAHATI

ITA 89/GTY/2025Status: DisposedITAT Guwahati25 August 2026AY 2018-1910 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the initiation of proceedings under Section 148 was bad in law as it should have been under Section 153C, given the search conducted. Furthermore, the Tribunal found that the loan had been repaid and sufficient evidence was provided to establish the identity, genuineness, and creditworthiness of the lender.

What were the facts?

The assessee's case was re-opened under Section 147, and an addition of Rs. 1,40,00,000 was made under Section 68 for unexplained cash credit on account of a loan. The assessee provided documentary evidence for the loan, including loan agreements, bank statements, and the lender's registration as an NBFC.

What were the issues?

Whether the reassessment proceedings were validly initiated under Section 147 instead of Section 153C, and whether the addition under Section 68 for an unsecured loan was justified given the repayment and documentary evidence.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 144B,Section 68,Section 153C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “DB” BENCH, GAUHATI

Before: Shri Laxmi Prasad Sahu & Shri Pradip Kumar Choubey

Per Pradip Kumar Choubey, Judicial Member:

The present appeal has been preferred by the assessee against the order of the CIT(A) dated 27.03.2025 of the National Faceless Appeal Centre (NFAC), passed u/s 147 of the Assessment Year 2018-19 [hereinafter referred to as ‘CIT(A’].

2.

The brief facts of the case of the assessee is that the case of the assessee was re-opened and notice u/s 148 was issued on 30.03.2022. The assessment proceedings were completed, and order was passed u/s. 147 read with section 144B of the In

The order continues below.

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