2025 (6) TMI 2070

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....hu Dudheria, Adv. For the Respondent : Mr. Vinoy Shroff, Adv., Mr. Dev Agarwal, Adv. ORDER The Court : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 30.10.2024 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata (Tribunal) in ITA/1844/Kol/2024, for the assessment year 2016-17. 2. The revenue has....

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....x Appellate Tribunal was not justified in law in deleting the addition of Rs. 22,00,119/- on account of unexplained cash credit U/s. 68 of the I.T. Act in a situation involving absence of the identity of the creditors genuineness and creditworthiness of the entire transactions by not appreciating the judicial principles laid down in the matter of Balgopal Merchants [P] Ltd. vs. Principal Comm....

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....e trading of L&T shares. Further, the Tribunal noted that these advances were also refunded within a period of three months within the same financial year. The assessee had filed all the documents in course of the assessment proceedings before the CIT (A) with regard to the advances received and the refund thereof. The Assessing Officer issued notice under section 133(6) of the Act to both the afo....