INCOME TAX OFFICER, DELHI vs. GOVERDHAN TRANSPORT COMPANY PVT. LTD., DELHI

ITA 4731/DEL/2024Status: DisposedITAT Delhi20 March 2026AY 2014-157 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that shares were duly allotted and many shareholders were existing ones. Relying on precedents like Lovely Exports, the Tribunal stated that the Revenue could proceed against individual shareholders if their identities were disclosed, finding no infirmity in the lower appellate authority's decision.

What were the facts?

The Revenue appealed the CIT(A)'s order which partly allowed the assessee's appeal against an addition of Rs. 6.66 crores under Section 68 for unexplained share capital. The CIT(A) sustained an addition of Rs. 30.42 lacs.

What were the issues?

Whether the CIT(A) erred in deleting additions related to share capital under Section 68, and whether the source of investors was sufficiently examined.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 68,Section 131,Section 131(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘B, NEW DELHI

Before: SHRI S. RIFAUR RAHMAN & SHRI SUDHIR KUMAR

For Appellant: Ms. Rano Jain, Adv., Sh. Pranshu Singhal, Ms. Mani Jain, Adv. & Sh. Tanishq
Hearing: 24.02.2026

PER SUDHIR KUMAR, JM : This appeal is preferred by the Revenue against the order of National Faceless Appeal Centre (NFAC), Delhi dated 12.2.2024 for AY 2014-15. Assessment in this case was framed by the DCIT, Circle 10(1), New Delhi for the assessment year 2014-15 u/s.143(3) of the Act. The Revenue has raised the following grounds:-

1.

Whether on the facts and circumstances of the case, the ld. CIT(A) has erred in allowing relief to the assessee in deleting the addition of Rs.6,35,58,000/- u/s.68 of the Act being unexplained credits in the books of accounts of the assessee in the guise of s

The order continues below.

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