DCIT, CIRCLE 4(2), NEW DELHI vs. BITS N BYTES SOFT PVT LTD, NEW DELHI
Income Tax Appellate Tribunal, DELHI BENCHES: E : NEW DELHI
Before: SHRI S. RIFAUR RAHMAN & SHRI ANUBHAV SHARMAAssessment Year: 2018-19
PER ANUBHAV SHARMA, JM:
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).
2
On hearing both the sides, we find that an addition was made u/s 68 of the Income-tax Act, 1961 on account of receipt of share premium in the form of foreign direct investment from two non-resident investors, Chalet LLC and BA India. The NFAC has allowed the appeal of the assessee by following the determination of the issue with regard to genuineness of transaction by following the findings of the CIT(A) for AY 2017-18. The ld. AR has pointed out before us that the Revenue’s appeal for AY 2017-18 in ITA No.332/Del/2023 stands dismissed by order dated 30.06.2025 by a coordinate Bench accepting genuineness of transaction, including the identity of the investors, who are common here. That being the state of affairs, there is no substance in the grounds as raised. The appeal of the Revenue is without any merits and the same is dismissed.
Order pronounced in the open court on 13.08.2025. (S. RIFAUR RAHMAN)
JUDICIAL MEMBER
Dated: 13th August, 2025. dk