ASIJA SECURITIES PRIVATE LIMITED,DELHI vs. INCOME TAX OFFICER, DELHI

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: “SMC” NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER ITA No.5770/Del/2026 Assessment Year: 2017-18 Asija Securities Pvt. Ltd., Vs. Income Tax Officer, 2041, Chuna Mandi, Ward -3(3), Pahargunj, Delhi New Delhi PAN: AAACA6122E (Appellant) (Respondent)

Assessee by Sh. Sarthak Abrol, Adv. Department by Sh. Nirmal Nangia, Sr. DR

Date of hearing 09.07.2026 Date of pronouncement 09.07.2026 ORDER This assessee’s appeal for assessment year 2017-18, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and order no. ITBA/APL/S/250/2025-26/1086847989(1), dated 05.03.2026 involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’). Heard both the parties. Case file perused. 2. Coming to the assessee’s sole substantive ground raised herein we notice that it seeks to reverse both the learned lower

ITA No.5770/Del/2026

authorities’ respective findings assessing its cash deposits during demonetization period amounting to Rs.20,61,580/- as unexplained under section 68 of the Act; in assessment order dated 22.12.2019 as upheld in the lower appellate discussion. 3. I have given my thoughtful consideration to the assessee’s and the Revenue’s respective vehement submissions. I wish to make it clear that there has been no dispute all along that the assessee is a Non-Banking Financial Company “NBFC” and it had all along filed all the relevant details of the business receipts with the creditor’s details, whose credit could not be denied in entirety. Although it appears to have not successfully discharged its onus of pleading and proving its explanation in both the lower proceedings. Be that as it may, I deem it appropriate in this factual backdrop that a lumpsum addition of Rs.2 lakhs in the assessee’s hands would be just and proper with a rider that the same shall not be treated as a precedent. The assessee gets benefit of Rs.18,61,580/- in other words. Ordered accordingly. 4. So far as assessee’s assessment under section 115BBE is concerned, we quote S.M.I.L.E. Microfinance Ltd. Vs. ACIT, W.P. (MD) No.2078 of 2020 & 1742 of 2020, dated 19.11.2024 (Madras)

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that the impugned statutory provision would come into effect on the transaction done on or after 01.04.2017 only. The assessee is accordingly directed to be assessed under the normal provision as per law. No other ground or argument has been pressed before us. 5. This assessee’s appeal is partly allowed. Order pronounced in the open court on 9th July, 2026 Sd/- (SATBEER SINGH GODARA) JUDICIAL MEMBER Dated: 13th August, 2026. RK/- Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asst. Registrar, ITAT, New Delhi

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