PREM GRAIN INDUSTRIES PVT. LTD,JALGOAN vs. DCIT CIRCLE 1, JALGAON, JALGAON

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ITA 2012/PUN/2025Status: PendingITAT Pune20 November 2025AY 2016-17Bench: SHRI R. K. PANDA (Vice President), MS. ASTHA CHANDRA (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged its onus under Section 68 by providing details like PAN, ITRs, confirmations, and bank statements. The director of the lender company appeared and confirmed the loan, stating it was out of sundry debtors and had been repaid.

What were the facts?

The assessee company received unsecured loans totaling Rs. 3,52,53,595/-, including Rs. 1,15,00,000/- from Risa International Ltd. The Assessing Officer made an addition of Rs. 1,15,00,000/- treating the loan as an accommodation entry, which was upheld by the CIT(A).

What were the issues?

Whether the assessee proved the identity, creditworthiness, and genuineness of the unsecured loan from Risa International Ltd. under Section 68 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R. K. PANDA & MS. ASTHA CHANDRA

For Appellant: Shri Suresh Anchaliya
For Respondent: Shri S. Sadananda Singh, JCIT

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to:

1. 1. अपील र्थी / The Appellant; प्रत्यर्थी / The Respondent 2.

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