INCOME TAX OFFICER WARD-16(3), DELHI ITO vs. MANSAROVER EXIM PVT. LTD. , DELHI

ITA 1275/DEL/2024Status: DisposedITAT Delhi30 July 2025AY 2012-13Bench: MS.MADHUMITA ROY (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) deleted the additions made by the AO, finding that the assessee had established the identity, creditworthiness, and genuineness of the transactions with the lender. The Tribunal upheld the CIT(A)'s order, finding no evidence to negate the genuineness of the transaction.

What were the facts?

The Assessing Officer (AO) made additions on account of unexplained cash credits and interest paid on such credits. The assessee provided documentation including the lender's confirmation, ledger accounts, bank statements, ITR, and financial statements to establish identity, creditworthiness, and genuineness of the transactions.

What were the issues?

Whether the assessee discharged its onus under Section 68 by providing sufficient evidence to prove the identity, creditworthiness, and genuineness of the unsecured loan received.

Which sections of the Income-tax Act were involved?

Section 68,Section 133(6),Section 131,Section 143(3),Section 250

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, DELHI “E” BENCH: NEW DELHI

Before: MS.MADHUMITA ROY & SHRI MANISH AGARWAL

For Appellant: Shri Rohit Jain, Adv, Shri Shourya Jain, CA &, Shri Deepesh Jain, Adv
For Respondent: Ms. Amisha S.Gupta, CIT DR, Shri Rohit Jain, Adv, Shri Shourya Jain, CA &, Shri Deepesh Jain, Adv
Hearing: 06.05.2025Pronounced: 30.07.2025

PER MANISH AGARWAL, AM : The present appeal is filed by the Revenue against order dated 29.01.2024 passed by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre (“NFAC”), Delhi [“Ld.CIT(A)”] in Appeal No.CIT(A), Delhi-6/10464/2015-16 [Manual Appeal Register No.84/15-16] passed u/s 250 of the Income Tax Act, 1961 [“the Act”] arising from the order dated 16.03.2015 passed u/s 143(3) of the Act pertaining to Assessment Year 2012-13. 2. Brief facts of the case are that the assessee is a company and e-filed its return of income on 27.09.2012, declaring total income at INR 44,46,842/-, derived income from ‘house property’ and incom

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