DCIT Corporate Circle-1(1) Chennai. Vs. Shri Anirudh Khemka

Parties Involved

Facts Summary

The appeal arises from the order of the Commissioner of Income Tax (Appeals) dated 18-09-2023 regarding an assessment framed by the Assessing Officer on 26-03-2015. The assessee, Shri Anirudh Khemka, jointly with his brother, purchased a residential house property for Rs.700 Lacs. The assessee obtained loans from two corporate entities to finance the purchase. The Assessing Officer added Rs.5,05,00,000/- as unexplained cash credit under section 68 of the Act. The assessee appealed to the Commissioner of Income Tax (Appeals) who deleted the addition. The revenue appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer under section 68 of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• ITA 925/Bang/2026

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• R.N. Khemka Enterprises Private Ltd. vs. ITO, Ward 20

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• Anirudh Khemka Vs. ITO, Ward 30(7)

  Kolkata Bench benchAY 2017-18Allowed

• Mr. Banarsi Haridwar Sharma Vs Income Tax Officer, Ward - 20(1)(3), Mumbai

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• Deputy Commissioner of Income Tax, Central Circle-1, ARTO Complex, 2nd Floor, Sector-33, Noida, Uttar Pradesh-201301 vs Elixir Buildcon Pvt. Ltd., Plot No. 15A, Elixir Business Park, Sector-127, Gautam Buddh Nagar, Noida, Uttar Pradesh-201301

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• DCIT vs. PCJ Finvest Private Limited