DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, GWALIOR vs. BANKUTRAMANA BULLION AND DIAMOND PVT. LTD. , DELHI

ITA 571/AGR/2025Status: DisposedITAT Agra25 August 2026AY 2017-1816 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) rightly deleted the additions because the Assessing Officer failed to dispose of the assessee's objections to the reopening notice before passing the assessment order, violating principles of natural justice. Furthermore, the CIT(A) had exhaustively examined the documentary evidence and found that shares were issued by conversion of unsecured loans, not as new capital receipts.

What were the facts?

The assessee company, dealing in bullion, had unsecured loans and share capital added to its income as unexplained credits. The Assessing Officer reopened the assessment and made additions under Section 68 read with Section 115BBE. The CIT(A) deleted these additions.

What were the issues?

Whether the CIT(A) erred in deleting additions made under Section 68, and whether the reopening of assessment under Section 147 was valid without disposing of assessee's objections.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 147,Section 148,Section 151,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AGRA (DB

Before: SUNIL KUMAR SINGHBRAJESH KUMAR SINGH

For Appellant: Shri Kalrav Mehrotra, Adv. &, Shri Shubham Bansla, Adv
For Respondent: Ms. Sangeeta Yadav, CIT DR
Hearing: 21.07.2026Pronounced: 25.08.2026

PER:SUNIL KUMAR SINGH, JUDICIAL MEMBER The facts and issues involved in both these appeals are almost identical, hence, for the sake of convenience and brevity, these appeals are being decided by this common order. The facts of ITA No. 570/Agr/2025 are only being narrated as under.

2.

This appeal is directed against the impugned order dated 17.10.2025 passed in appeal No NFAC/2013-14/10124985 by the ld. Commissioner of Income Tax (Appeals), NFAC(Delhi)

ITA No.570&571/Agr/2025 [(hereinafter referred to as the “CIT(A)] u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as

The order continues below.

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