ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. SRKM STEEL (P) LTD, GUWAHATI
In the result, the appeal of the Revenue is dismissed
ITA 168/GTY/2020[2017-18]Status: DisposedITAT Guwahati18 Dec 2025AY 2017-18
Bench: Shri Rajesh Kumar, Am & Shri Manomohan Das, Jm Asst. Commissioner Of Income Srkm Steel (P) Ltd. Tax, Circle-1 Lokhra Road Babylon, Post Aayakar Bhawan, G.S. Road, Office-Sawkuchi, Guwahati- Vs. Christian Basti, 781034, Assam Guwahati-781005, Assam (Appellant) (Respondent) Pan No. Aalcs5046E Assessee By : Shri Somnath Ghosh, Ar Revenue By : Shri Santosh Kumar Karnani, Dr Date Of Hearing: 17.11.2025 Date Of Pronouncement: 15.12.2025
For Appellant: Shri Somnath Ghosh, ARFor Respondent: Shri Santosh Kumar Karnani, DR
Section 143(2)Section 68
Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied.
5. As discussed above, since the requisite material was furnished by assessee showing