DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. EVERNEWCOMMODEAL PVT. LTD. , KOLKATA

ITA 1535/KOL/2025Status: DisposedITAT Kolkata10 October 2025AY 2018-19Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that the assessee had discharged its onus by providing loan confirmations, PANs, IT acknowledgments, and bank statements for the transactions. The Tribunal noted that the lending entities were regular taxpayers with adequate net worth.

What were the facts?

The assessee received unsecured loans from three entities. The Assessing Officer (AO) made additions for these loans under Section 68, disallowing corresponding interest and commission expenses. The Commissioner of Income Tax (Appeals) allowed the assessee's appeal.

What were the issues?

Whether the assessee discharged its onus under Section 68 for unsecured loans, and if the CIT(A) was justified in deleting the additions made by the AO.

Which sections of the Income-tax Act were involved?

Section 68,Section 69C,Section 115BBE

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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:

Both the captioned appeals have been preferred by the assessee for the assessment years 2018-19 & 2019-20 against separate orders both dated 25.04.2025 of the Commissioner of Income Tax (Appeals)-27, Kolkata [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’) respectively. Since, the issues involved in both the appeals are common and relate to the same assessee, therefore, these appeals have been heard

The order continues below.

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