DCIT, CIRCLE 4(2), NEW DELHI vs. BITS N BYTES SOFT PVT LTD, NEW DELHI

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ITA 880/DEL/2025Status: HeardITAT Delhi13 August 2025AY 2018-19Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI ANUBHAV SHARMA (Judicial Member)3 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the addition made by the AO lacked substance as the NFAC had allowed the assessee's appeal based on the genuineness of the transaction. The Tribunal also noted that a similar appeal for a prior year concerning the same investors had been dismissed.

What were the facts?

The Revenue appealed an order allowing the assessee's appeal against an addition made under Section 68 of the Income Tax Act, 1961, concerning the receipt of share premium from non-resident investors.

What were the issues?

Whether the addition made under Section 68 for share premium from non-resident investors is justified, especially when genuineness of transaction and investor identity are common with previously dismissed appeals.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCHES: E : NEW DELHI

Before: SHRI S. RIFAUR RAHMAN & SHRI ANUBHAV SHARMA

For Appellant: Shri Tanmay Bhatnagar, Advocate &, Shri Shivam Gupta, Advocate
For Respondent: Shri Vipul Kashyap, Sr. DR
Hearing: 06.08.2025Pronounced: 13.08.2025

Assessment Year: 2018-19 DCIT, Vs Bits N Bytes Soft Pvt. Ltd., Circle-4(2), 6020, Sector B/8, Delhi. Vasant Kunj, Delhi – 110 070. PAN: AADCB1497L (Appellant) (Respondent) Assessee by : Shri Tanmay Bhatnagar, Advocate & Shri Shivam Gupta, Advocate Revenue by : Shri Vipul Kashyap, Sr. DR Date of Hearing : 06.08.2025 Date of Pronouncement : 13.08.2025 ORDER

PER ANUBHAV SHARMA, JM:

1.

This appeal is preferred by the Revenue against the order dated 19.12.2024 of the Commissioner of Income-tax (Appeals), NFAC, Delhi (hereinafter referred to as the Ld. First Appellate Authority or ‘the Ld. FAA’, for short) in Appeal No.NFAC/2017-18/10039043 arising out of the appeal before it against the order dated 24.02.2021 passed u/s 143 (3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) by the National e- Assessment Centre (hereinafter referred to as the Ld. AO).

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