SUPERWAYS ENTERPIRSES PRIVATE LIMITED ,MUMBAI vs. DCIT CENTRAL CIRCLE 7(1), MUMBAI

ITA 3144/MUM/2025Status: DisposedITAT Mumbai27 February 2026AY 2017-181 pages
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What did the Tribunal hold?

The Tribunal held that there was no reason to suspect the genuineness of the purchase and sales transactions and deleted the addition made by the AO treating them as bogus. It also upheld the deletion of addition made under Section 68 for unexplained cash credit, finding the identity and creditworthiness of creditors established.

What were the facts?

The assessee, a wholesale steel trader, was investigated after a search operation revealed fabricated invoices and circular transactions to avail Letter of Credit facilities. The Assessing Officer rejected the books of account and estimated income based on sales turnover.

What were the issues?

Whether the assessee's purchase and sale transactions were genuine, and whether unsecured loans constituted unexplained cash credit under Section 68.

Which sections of the Income-tax Act were involved?

Section 68,Section 145(3),Section 132,Section 131

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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI SAKTIJIT DEY & SHRI JAGADISH

For Appellant: Shri Siddharth Srivastava
For Respondent: Shri Arun Kanti Datta, CIT-DR
Hearing: 21.01.2026Pronounced: 27.02.2026

PER BENCH:

These are bunch of thirteen appeals, seven by the assessee and six by the D

The order continues below.

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