DCIT, CENTRAL CIRCLE 7(1), MUMBAI vs. SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED, MUMBAI

ITA 3982/MUM/2025Status: DisposedITAT Mumbai23 January 2026AY 2016-171 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the loans were repaid and routed through banking channels. It noted that similar transactions with the same lenders had been found genuine in other cases and that the assessee's business (real estate) was distinct from the alleged goods trading activities of the Jatia Group.

What were the facts?

The assessee, a real estate company, received unsecured loans from two entities. The Assessing Officer treated these loans as unexplained cash credits under Section 68, alleging the lender entities were shell companies used for circular transactions within the Jatia Group. The CIT(A) deleted the addition, relying on previous decisions for the assessee and other group entities.

What were the issues?

Whether the unsecured loans received by the assessee were genuine, and if the AO correctly treated them as unexplained cash credits based on alleged circular transactions of the lender entities.

Which sections of the Income-tax Act were involved?

Section 68,Section 153A,Section 132(1),Section 131

AI-generated summary — verify with the full judgment below

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: 19.01.2026Pronounced: 23.01.2026

Per Saktijit Dey, Vice President:

Captioned appeals by the Revenue and cross objections by the assessee arise out of a common order of learned Commissioner of Income Tax (Appeals

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →