DCIT, Circle-1 (1), Raipur Vs. Subh Raipur Vyapar Vihar Developers LLP
Parties Involved
Facts Summary
The case involves an appeal by the Revenue against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre, Delhi dated 24.06.2026 for the assessment year 2020-21. The appellant argued that the addition made by the Assessing Officer (AO) was erroneous as the assessee had repaid the unsecured loans along with interest in the subsequent assessment year. The assessee provided details of the loan creditors, including names, addresses, audited balance sheets, confirmations, and bank statements. The AO treated these loans as accommodation entries and added them as unexplained cash credit under section 68 of the Act without any defect in the evidences provided by the assessee.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the addition made by the AO under section 68 of the Act is sustainable when the assessee has repaid the loans in the subsequent assessment year?
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
3 precedents cited in this judgement.
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