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Facts
The assessee's appeal pertains to Assessment Year 2018-19, challenging the CIT(A)/NFAC's order. The appeal concerns additions made on account of alleged unexplained cash credits from various shareholders, amounting to Rs. 45,15,000.
Held
The Tribunal found that several additions made by the lower authorities were not supported by the facts or pertained to amounts not credited in the relevant financial year. Consequently, these additions were directed to be deleted.
Key Issues
Whether the additions made on account of unexplained cash credits from shareholders are justified, especially when amounts were not credited in the relevant financial year.
Sections Cited
143(3), 68
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Income Tax Appellate Tribunal, DELHI BENCH ‘F’, NEW DELHI
Before: Sh. Satbeer Singh Godara&
Asstt. Year: 2018-19 Technosys Integrated Solutions Pvt. Ltd., Vs ACIT, 70478, Karol Bagh, Rameshwari Nehru Circle-25(1), Nagar, Central Delhi, New Delhi-110005 New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AACCT5256C Assessee by : Sh. Navneet Singhal, CA Revenue by : Ms. Harpreet Kaur Hansra, Sr. DR Date of Hearing: 20.03.2025 Date of Pronouncement: 16.05.2025 ORDER
Per Satbeer Singh Godara, Judicial Member:
This assessee’s appeal for Assessment Year 2018-19, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2024-25/1066983560(1) dated 27.07.2024, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It emerges during the course of hearing that the assessee’s sole substantive ground raised in the instant appeal seeks to reverse both the lower authorities’ action treating it’s
We next note with the able assistance coming from both the parties that the learned Assessing Officer’s regular assessment framed on 20.04.2021 had infact added such unexplained cash credit to the tune of Rs.11,42,65,900/- which stands deleted except to the extent of Rs.45,15,000/- forming subject matter of adjudication before us. We find that the assessee’s first such investor Ms. Pooja Kushwaha as having sum of Rs.9,80,000/- as against the original addition of Rs.30,80,000/- involving her investments. And that this sum of Rs.9,80,000/- had infact come on 26.10.2018 as per lower appellate discussion. We thus see no reason to uphold the impugned addition. Next investor Mr. Rakesh Dhar had made total investments of Rs.24,80,000/- which stands accepted to the tune of Rs.19,80,000/-. This balance amount of Rs.5,00,000/- came to be invested on 15.10.2018 which stands deleted since not credited in the impugned assessment year. Third investor Mr. Neeraj Kushwaha had admittedly invested a sum of Rs.24,80,000/- out of which Rs.12,80,000/- stands added despite the fact that the same had not been credited in the impugned assessment year. Fourth such investment from Technosys Integrated Solutions Pvt. Ltd. Ms. Maya had infact invested Rs.30,80,000/- out of which Rs.11,80,000/- forming subject matter of addition is not found to have been credited in the relevant financial year. Deleted accordingly.
Next fifth and sixth investors namely, Sh. Abhishek Kumar and Sh. Neeraj Kushwaha HUF had made total investments of Rs.15,00,000/- and Rs.18,00,000/- out of which Rs.3,75,000/- and Rs.2,00,000/- only, respectively, stand added despite the fact that not only they have proved genuineness of the corresponding amount accepted but also the latter sum had been credited/paid on 15.10.2018. We make it clear that the relevant financial year before us F.Y. 2017-18 only. The same is directed to be deleted in very terms therefore.