INCOME TAX OFFICER, RAIPUR vs. VARDA ENERGY AND ENGINEERING PVT. LTD., RAIPUR

ITA 11/RPR/2024Status: DisposedITAT Raipur25 September 2026AY 2018-1917 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that the assessee had provided sufficient documentary evidence to substantiate the transactions. The AO failed to disprove the genuineness of the transactions or the creditworthiness of the parties involved.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made by the AO on account of bogus purchases, share application money, and inflated agricultural income. The AO had treated these as unexplained credits under Section 68 of the Income Tax Act.

What were the issues?

Whether the additions made by the AO on account of bogus purchases, share application money, and agricultural income were justified under Section 68, and whether the assessee had discharged its onus of proof.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI R.K. PANDA, VICE- & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri Sunil Kumar Agrawal, CA, Ms. Vidya Verma, Advocate
For Respondent: Mr. Rituparna Namdeo, CIT-DR
Hearing: 04.08.2026Pronounced: 25.09.2026

PER R.K. PANDA, VP This appeal filed by the Revenue is directed against the order dated 24.11.2023 passed by the Ld.CIT(A)/NFAC, relating to assessment year 2018-19. 2. Facts of the case, in brief, are that the assessee is a private limited company engaged in the business of trading of iron and steels. It filed its original return of income on 29.09.2018 declaring total income at Rs.63,290/-. The return was p

The order continues below.

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