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Income Tax Appellate Tribunal, DELHI BENCH ‘A’, NEW DELHI
Before: SH. N. K. BILLAIYA & SH. ANUBHAV SHARMA
Appellant None Respondent Sh. Kanav Bali, Sr. DR Date of hearing: 08/08/2022 Date of Pronouncement: 08/08/2022 ORDER PER N.K. BILLAIYA, AM:
This appeal by the revenue is preferred against the order of the CIT(A)-1, New Delhi dated 09.04.2018 pertaining to A.Y.2014- 15.
The grievance of the revenue read as under :-
None appeared on behalf of the assessee inspite notice. We decided to proceed exparte. Having heard the DR we have carefully perused the orders of the authorities below.
Briefly stated the facts of the case are that during the course of the scrutiny assessment proceedings the AO noticed that the assessee has accepted fresh unsecured loans from various parties totalling to Rs. 5.40 crores. The AO observed that this issue was discussed at length with the CA of the assessee who surrendered the amount of Rs. 5.40 crores for taxation as unexplained cash credit u/s. 68 of the Act. The AO accordingly made the addition of Rs. 5.40 crores and computed the income of the assessee as under :-
It can be seen from the above that the said loss was denied by the AO keeping in view provision of section 115 BBE of the Act.
When the matter was agitated before the CIT(A) the CIT(A) was convinced with the claim of set of and allowed the appeal.
The following circular of the CBDT explains the whole quarrel:-
In the light of the specific clarification by the CBDT (supra) we do not find any reason to interfere with the findings of the CIT(A). The Appeal filed by the revenue is accordingly dismissed.
Decision announced in the open court on 08.08.2012.