DCIT, CC-2(3), KOLKATA, KOLKATA vs. DAILMER INDUSTRIES PRIVATE LIMITED, KOLKATA

ITA 2921/KOL/2025Status: DisposedITAT Kolkata06 March 2026AY 2020-21Bench: SHRI RAJESH KUMAR (Accountant 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 initial burden by providing documents to prove the identity, creditworthiness, and genuineness of the loan transactions. The Tribunal also noted that the loans had been repaid and relied on judicial precedents supporting this view.

What were the facts?

The Assessing Officer (AO) added unsecured loans of Rs. 5,49,50,000/- to the assessee's income under Section 68, treating them as unexplained cash credits from shell companies. The AO relied on seized documents and statements from related entities, alleging the loans were routed through entry operators.

What were the issues?

Whether unsecured loans from alleged shell companies, even if repaid, can be treated as unexplained cash credits under Section 68 without proper rebuttal by the assessee. Whether statements from third parties are relevant to the assessee's case if the parties are not the lenders.

Which sections of the Income-tax Act were involved?

Section 68

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

Heard together (2 matters)

I.T.A. No. 2921/Kol/2025
I.T.A. No. 2922/Kol/2025

Read from the judgment's own cause title. This page is filed under one of them.

Per Rajesh Kumar, AM These two appeals filed by the same assessee are arising from orders even dated 26.08.2025 passed u/s 250 of the Income Tax Act, 1961 (hereafter “the Act”) by the Ld. Commissioner of Income Tax (Appeals)

Kolkata-26 [hereafter “the Ld. CIT(A)] for assessment year 2020-21 & 2022-23 respectively. Since the issue involved in both t

The order continues below.

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