DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT PRIVATE LIMITED , KOLKATA
What did the Tribunal hold?
The Tribunal upheld the CIT(A)'s order, finding no infirmity. It relied on various High Court decisions stating that if loan creditors' identity, creditworthiness, and genuineness are established, and loans are repaid, additions under Section 68 are not sustainable.
What were the facts?
The Revenue appealed against the CIT(A)'s order which allowed the assessee's appeal against additions made under Section 68 for non-genuine loans and disallowance of interest. The additions were made after a search operation and subsequent fresh assessment proceedings following a High Court order.
What were the issues?
Whether unsecured loans and related interest expenses are to be added as unexplained cash credits under Section 68 and disallowed respectively, when the assessee has provided evidence of loan creditors and repaid the loans.
Which sections of the Income-tax Act were involved?
Section 68,Section 36(1)(iii),Section 132,Section 143(1),Section 143(3),Section 250,Section 127,Section 139,Section 260
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Cases cited in this judgment(17)Show listHide list
Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.
- Dhakeshwari Cotton Mills Ltd. v. CIT1,061 citing26 ITR 775 · 1954 · SC
- CIT v. S. Khader Khan Son581 citing352 ITR 480 · 2013 · SC
- Umacharan Shaw & Bros. v. CIT567 citing37 ITR 271 · 1959 · SC
- CIT v. Daulat Ram Rawatmull525 citing87 ITR 349 · 1973 · SC · Read judgment
- Nemi Chand Kothari v. CIT340 citing264 ITR 254 · 2003 · HC
- CIT v. Eastern Commercial Enterprises205 citing210 ITR 103 · 1994 · HC
- PCIT v. Ambe Tradecorp Pvt. Ltd.169 citing145 Taxmann.com 27 · 2022 · HC · Read judgment
- Principal CIT v. Sreeleathers88 citing143 Taxmann.com 435 · 2022 · HC · Read judgment
- Aravali Trading Co. v. ITO71 citing187 Taxmann 338 · 2008 · HC
- Kanhaialal Jangid v. ACIT38 citing217 CTR 354 · 2008 · HC
- GUJARAT Principal Commissioner of Income-tax (Central), Surat v. Neotech Education Foundation32 citing164 Taxmann.com 764 · 2024 · HC
- Principal Commissioner of Income-tax v. Anshika Consultants (P.) Ltd.20 citing162 Taxmann.com 792 · 2024 · HC
- Andaman Timbers Ltd. v. Commissioner of Central Excise18 citing62 Taxmann 3 · 2015 · SC
- M/s Bisakha Sales Pvt. Ltd. v. CIT17 citing52 Taxmann.com 305 · 2014 · ITAT
- CIT v. Shalimar Buildwell Pvt.13 citing215 Taxmann 12 · 2013 · HC
- 214 DTR 4413 citing214 DTR 441 · 2022
- 328 CTR 9843 citing328 CTR 984 · HC
Income Tax Appellate Tribunal, “B” BENCH KOLKATA
Before: Shri Rajesh Kumar & Shri Pradip Kumar Choubey
Per Pradip Kumar Choubey, Judicial Member:
This appeal filed by the revenue is directed against the order dated 05.04.2025 of the Commissioner of Income Tax (Appeals)-27, Kolkata [‘CIT(A)’] passed under Section 250 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for the assessment year 2022–23. 2. The appeal has been filed by the revenue with a delay of 08 days. The revenue has filed a petition for condonation of the delay. After considering the reasons cited in the petition for condonation of del
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More judgments on Section 68
- ACIT Central Bilaspur, Bilaspur vs Arun Kumar Agrawal, SaktiITSSA 26/RPR/2025[2018-19]Status: Disposed21 Oct 2026AY 2018-19
- Neo Incorporation, Rajkot vs DCIT Circle- 1(2), RajkotITA 471/RJT/2026[2012-2013]Status: Disposed21 Oct 2026AY 2012-2013
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- Ajaybhai Dineshbhai Bagdai, Near Central… vs The Income Tax Officer, Ward-1(2)(1), New…ITA 74/RJT/2026[2013-14]Status: Disposed19 Oct 2026AY 2013-14
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