ACIT CENTRAL CIRCLE 1 GUWAHATI, GUWAHATI vs. ARBITRAGE SECURITIES PRIVATE LIMITED, ASSAM

ITA 199/GTY/2025Status: DisposedITAT Guwahati31 August 2026AY 2019-2012 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee had provided sufficient documentary evidence, including ledger extracts and financial statements, to substantiate the unsecured loans. The AO had not properly verified the information provided by the assessee, and the addition was based solely on the statement of an entry operator without corroborating evidence.

What were the facts?

The revenue appealed against the deletion of an addition made under Section 68 for unexplained cash credits in the form of unsecured loans. The Assessing Officer (AO) treated loans from certain entities as accommodation entries based on investigation wing information and statements from an entry operator.

What were the issues?

Whether the unsecured loans received by the assessee were genuine or constituted unexplained cash credits, and if the CIT(A) erred in deleting the addition made by the AO.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “DB” BENCH, GUWAHATI

For Appellant: Shri Kishor Kumar Jain, FCA
For Respondent: Shri Santosh Kumar Karnani, Addl. CIT
Hearing: 22.07.2026Pronounced: 31.08.2026

PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER This appeal is filed by the revenue against the order passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) by the Ld. Commissioner of Income Tax (Appeals), Central, NER, Guwahati, [hereinafter referred to as “the Ld. CIT(A)] dated 21.04.2025, DIN & Order No: ITBA/APL/S/250/2025-26/1075707153(1) on the following grounds of appeal:

2 Arbitrage Securities Private Limited, A.Y. 2019-20 “Ground 1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting

The order continues below.

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