ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-25 NEW DELHI, DELHI vs. FARIDABAD PRESSWELL PVT LTD, DELHI

ITA 2801/DEL/2024Status: DisposedITAT Delhi09 January 2026AY 2015-16Bench: SHRIMAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRISANJAY AWASTHI (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s deletion of the addition, finding that the cash payment was made in a prior financial year and thus not taxable in the assessment year in question. The Tribunal also dismissed the assessee's additional grounds raised under Rule 27.

What were the facts?

During a search operation, incriminating material suggested the assessee made a cash payment of Rs. 8 crores for land purchased in January/February 2015. The Assessing Officer inferred this was an undisclosed investment. The CIT(A) deleted the addition, finding the payment was made to a different entity in an earlier financial year.

What were the issues?

Whether the addition on account of unexplained cash investment was justified, and whether the assessment proceedings under Section 153C were valid.

Which sections of the Income-tax Act were involved?

Section 250,Section 153C,Section 153D,Section 143(3),Section 147,Section 148

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Cases cited in this judgment(18)Show list

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Income Tax Appellate Tribunal, DELHI BENCH “I”NEW DELHI

Before: SHRIMAHAVIR SINGH, HON’BLE & SHRISANJAY AWASTHI

For Appellant: Shri Salil Aggarwal, Sr. Advocate, Shri Shailesh Gupta, CA and Shri Madhur Aggarwal, Advocate
For Respondent: Ms. Pooja Swaroop, CIT DR
Hearing: 17.12.2025

PER SANJAY AWASTHI, ACCOUNTANT MEMBER:

1.

The present appeal arises from order dated 08.03.2024, passed u/s 250 of the Income Tax Act, 1961 (hereafter as “the Act”), by Ld.CIT(A)- 28, New Delhi. In this case a search and seizure operation was carried

out on one Shri Surendra Arya and JBM group of companies on 05.10.2017. During the course of search on a key employee, Shri Suresh Kumar Mishra, details of transactions made for

The order continues below.

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