DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. AVIMA EXPORTS PRIVATE LIMITED , KOLKATA

ITA 1708/KOL/2025Status: DisposedITAT Kolkata11 November 2025AY 2015-16Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)16 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that the assessee had provided sufficient evidence to prove the identity, creditworthiness of creditors, and genuineness of the unsecured loan transactions. The additions were deleted as the assessee had discharged its onus.

What were the facts?

The revenue appealed against an order that deleted additions made by the Assessing Officer regarding bogus unsecured loans and related interest expenses. The Assessing Officer had treated unsecured loans as unexplained cash credits and disallowed related interest.

What were the issues?

Whether unsecured loans received by the assessee were genuine and whether related interest expenses were allowable.

Which sections of the Income-tax Act were involved?

Section 68,Section 36(1)(iii),Section 69C

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Income Tax Appellate Tribunal, “A” BENCH KOLKATA

Before: Shri Rajesh Kumar & Shri Pradip Kumar Choubey

Per Pradip Kumar Choubey, Judicial Member:

This appeal filed by the revenue is directed against the order dated 24.03.2025 of the Commissioner of Income Tax (Appeals)-27, Kolkata [‘CIT(A)’] passed under Section 250 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”).

2.

Brief facts of the case are that the assessee company being the flagship concern of ‘Avima Group’ was engaged mainly in trading of jute products. The assessee filed original Return of income u/s 139 of the Act on 27.09.2015 declaring total income at Rs

The order continues below.

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