ACIT, NEW DELHI vs. SMT. MADHU GUPTA, NEW DELHI

ITA 5547/DEL/2014Status: DisposedITAT Delhi27 December 2024AY 2009-10Bench: SHRI SATBEER SINGH GODARA (Judicial Member)30 pages
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What did the Tribunal hold?

The Tribunal held that the addition for share capital under Section 68 was partly justified, but the quantification needed adjustment. For the "on-money" addition, the Tribunal upheld the addition of Rs. 4.25 crores, apportioned equally between the two assessees, rejecting the claim that it should be assessed in the year of sale deed registration.

What were the facts?

The appeals involved additions made under Section 153A and Section 68 of the Income Tax Act, 1961, relating to share capital and alleged "on-money" payments. The Assessing Officer made additions based on seized documents and ledger entries, which were then partly reduced by the CIT(A).

What were the issues?

The key issues were the validity of Section 153A proceedings, the justification and quantification of additions under Section 68 for share capital, and the assessment of "on-money" payments based on seized documents.

Which sections of the Income-tax Act were involved?

Section 153A,Section 143(3),Section 68,Section 271(1)(c),Section 292C

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Cases cited in this judgment(3)Show list

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Heard together (4 matters)

ITA Nos.5205/Del/2014
ITA Nos.5547/Del/2014
ITA Nos.6258/Del/2014
ITA Nos.6474/Del/2014

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘G’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER ITA Nos.3105 & 3106/Del/2014 Assessment Years: 2008-09 & 2009-10 Vs. DCIT, M/s. Classic Lamps Industries Pvt. Ltd., Central Cricle-17, 4827/24, Ansari Road, New Delhi Daryaganj, New Delhi PAN :AACCC7565M (Appellant) (Respondent) With ITA Nos.5205/Del/2014 Assessment Year: 2009-10 Vs. DCIT, Smt. Madhu Gupta, 4827/24, Ansari Road, Central Circle-17, Daryaganj, New Delhi New Delhi PAN :AAOPG8891M (Appellant) (Respondent) With ITA Nos.5547/Del/2014 Assessment Year: 2009-10 Vs. Smt. Madhu Gupta, DCIT, Central Circle-17, 4827/24, Ansari Road, New Delhi Daryaganj, New Delhi PAN :AAOPG8891M (Appellant) (Respondent) With ITA Nos.6258/Del/2014 Assessment Year: 2009-10 Vs. DCIT, Smt. Veena Gupta, Central Circle-17,

ITA Nos.3105 & 3106/Del/2014; 5205 & 5547/Del/2014; 6258 & 6474/Del/2014

C/o- Raj Kumar & New Delhi Associates, CA, 4435/7, Ansari Road, Daryaganj, New Delhi PAN :AAOPG8885B (Appellant) (Respondent) With ITA Nos.6474/Del/2014 Assessment Year: 2009-10 Vs. Smt. Veena Gupta, DCIT, Central Circle-15, 119, Indl. Area, Patpa

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