NEERAJ JAISWAL AND OTHERS,BAREILLY vs. ACIT-1, BAREILLY

ITA 33/LKW/2025Status: DisposedITAT Lucknow16 February 2026AY 2020-21Bench: SHRI SUDHANSHU SRIVASTAVA (Judicial Member), SHRI NIKHIL CHOUDHARY (Accountant Member)15 pages
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What did the Tribunal hold?

The Tribunal held that the assessee discharged its primary onus by providing details of lenders and their bank statements. The AO failed to bring further evidence to disprove the genuineness and creditworthiness of the lenders, making the addition under Section 68 invalid.

What were the facts?

The assessee, an Association of Persons engaged in liquor trading, declared an income of Rs. 76,55,100. The Assessing Officer added Rs. 31,53,34,318 as unexplained unsecured loans, citing non-response from some lenders and their meager incomes.

What were the issues?

Whether the addition of unsecured loans under Section 68 was justified when the assessee provided sufficient evidence of identity, genuineness, and creditworthiness of the lenders, and the AO failed to adduce contrary evidence.

Which sections of the Income-tax Act were involved?

Section 68

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Income Tax Appellate Tribunal, LUCKNOW BENCH ‘B’, LUCKNOW

Before: SHRI SUDHANSHU SRIVASTAVA & SHRI NIKHIL CHOUDHARY

For Appellant: Shri Rakesh Garg, Advocate

Heard together (2 matters)

S.A. No.08/LKW/2025
ITA. No.33/LKW/2025

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

PER SUDHANSHU SRIVASTAVA, J.M.:

This appeal has been preferred by the assessee against the order dated 02.12.2024 passed by the National Faceless Appeal Centre (NFAC), Delhi for Assessment Year 2020-21. 2. The brief facts of the case are that the assessee is an Association of Persons engaged in the business of trading of Liquor. The return of income for the year under consideration was filed on 04.01.2021 declaring total income of Rs. 76,55,100/-. The return was initially processed under section SA No.8/LKW/2025 2

143(1) of the Income Tax Act, 1961 (hereinafter called “the Act”) and subsequently, the case was selected for complete scrutiny

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