INCOME TAX OFFICER, NEW DELHI vs. POSIST TECHNOLOGIES PRIVATE LIMITED, NEW DELHI

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ITA 5095/DEL/2024Status: DisposedITAT Delhi13 August 2025AY 2020-21Bench: SHRI YOGESH KUMAR U.S. (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)1 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A)'s finding that the Assessee had proved the genuineness and creditworthiness of the lenders was not controverted by the Department. The credit entries from the lenders' bank accounts were found to be flowing from the savings of Shri R. P. Tulsian.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting an addition of Rs. 1,33,50,000/- made under Section 68 of the Income Tax Act, 1961. The addition was based on loans and advances accepted by the Assessee from three parties.

What were the issues?

Whether the addition made by the Assessing Officer under Section 68 for unexplained loans and advances is justified when the Assessee has provided evidence of genuineness and creditworthiness of the lenders.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144B,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI

For Appellant: CA & Sh. U. S. Gupta, CA
Hearing: 17/07/2025Pronounced: 13/08/2025

the Ld. CIT(A), we find no reason to interfere with the order of the Ld. CIT(A). Accordingly, the Grounds of appeal of the Revenue are dismissed.

8.

In the result, the Appeal of the Revenue is dismissed.

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