R V COMMODITIES PRIVATE LIMITED,DELHI vs. ACIT CENTRAL CIRCLE-25, DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2014-15, arises against the CIT(A)-,
Delhi-25’s
DIN
& order No.
ITBA/APL/S/250/2024-25/1072578016(1) dated 27.01.2025, in proceedings u/s 147 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It is noticed during the course of hearing that both the learned lower authorities have added an amount of Rs.38,52,498/- alleged to have been received by the assessee as accommodation entry in the relevant previous year which stands added as unexplained cash credit u/s 68 of the Act.
Faced with this situation, the Revenue could hardly dispute that even going by leaned Assessing Officer’s detailed R V Commodities Pvt. Ltd. 2 discussion in para 4 at page 5, a categorical finding has been recorded that the amount in question was recovered from Sh. Alok Kumar Agarwal during the course of a search. The tribunal find no reason to sustain the impugned addition in the assessee’s hands as the crucial nexus with the searched entity vis-à-vis the alleged accommodation entries has nowhere been proved in the learned lower authorities findings. That being the case, I find no merit in the impugned addition of Rs.38,50,000/- which stands deleted.
All other pleadings on merits herein stand rendered academic.
This assessee’s appeal is allowed. Order Pronounced in the Open Court on 04/06/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 04/06/2025
*Subodh Kumar, Sr. PS*