ABHISHEK JAIN,GUWAHATI vs. ACIT, CENTRAL CIRCLE-2, GUWAHATI, GUWAHATI

ITA 97/GTY/2026Status: DisposedITAT Guwahati23 June 2026AY 2023-246 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) admitted additional evidence but the Assessing Officer failed to provide a remand report. Considering the interest of justice, the matter was restored to the Assessing Officer for fresh adjudication after providing the assessee an opportunity to present evidence.

What were the facts?

During a search operation, the assessee claimed an unsecured loan of Rs. 25,00,000/-. The Assessing Officer added this amount to the income under Section 68 as unexplained cash credit, as the assessee failed to substantiate the loan. The assessee later repaid the loan and filed additional evidence before the CIT(A).

What were the issues?

Whether the unsecured loan of Rs. 25,00,000/- was a genuine transaction and whether the assessee had satisfied the conditions of Section 68 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68,Section 132,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, GUWAHATI BENCH

Before: SHRI DUVVURU RL REDDY & SHRI LAXMI PRASAD SAHU

For Appellant: Shri S.P. Bhati, FCA
For Respondent: Shri Santosh Kumar Karnani, Add. CIT
Hearing: 21.05.2026Pronounced: 23.06.2026

PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeal), Central NER, Guwahati [“the Ld. CIT(A)”, for short], dated 10.12.2025 passed u/s 250 of the Income Tax Act, 1961 (“the Act”, for short) for the assessment year 2023-24, confirming the addition made u/s 68 of the Act of Rs.25,00,000/- by the Assessing Officer. Abhishek Jain; A.Y: 2023-24

2.

Briefly stated, facts of the case are that a Search and Seizure operation u/s 132 of the Act was conducted in the case of Daga & Chaurasia Group on 08.06.2023. During the course of Search and Seizure operation, warrant of authorization u/s 132(1) of the Act wa

The order continues below.

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