ACIT, CHENNAI vs. MENAKURU SUKUMAR REDDY, CHENNAI

ITA 1639/CHNY/2025Status: DisposedITAT Chennai02 March 2026AY 2015-1664 pages
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What did the Tribunal hold?

The Tribunal held that the additions made by the lower authorities regarding unsecured loans and other credits were incorrect as the assessee had provided sufficient evidence of identity, genuineness, and creditworthiness of the creditors, and the transactions were routed through banking channels.

What were the facts?

The assessee, a HUF, had its assessment reopened for AYs 2015-16, 2016-17, and 2017-18. The Assessing Officer made significant additions for undisclosed income, including rental income, sale of land, cash deposits, unsecured loans, and transfers. The CIT(A) partly allowed the assessee's appeals, sustaining some additions.

What were the issues?

Whether additions made as unexplained credits under Section 69A and Section 68 of the Income Tax Act are sustainable when the assessee has provided evidence of identity, genuineness, and creditworthiness of the creditors and the transactions were through banking channels.

Which sections of the Income-tax Act were involved?

Section 69A,Section 68

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Income Tax Appellate Tribunal, A BENCH, CHENNAI

Before: SHRI S.S. VISWANETHRA RAVI & SHRI S. R. RAGHUNATHA

For Appellant: Shri. P. Murali Mohana Rao, CA
Hearing: 04.12.2025Pronounced: 02.03.2026

PER S. R. RAGHUNATHA, AM : :-2-: ITA Nos: 991, 992, 993, 1639 & 1644/Chny/2025 The present batch of appeals comprises ITA Nos.991 to 993

The order continues below.

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