ACIT(OSD), RANGE-10, C. R BUILDING, ITO, NEW DELHI vs. G B SPRINGS PRIVATE LIMITED, LAJPAT NAGAR, NEW DELHI

ORDER

PER SHAMIM YAHYA, AM:

1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred, in deleting the addition of Rs. 63,96,525/- u/s. 68 of the Act on account of extra amount of cash included in the cash book to justify the huge cash deposit in the bank account during demonetization and ignoring the fact that nature and source of cash withdrawals made by assessee company remained unexplained?

2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred, in deleting the addition of Rs. 63,96,525/- u/s. 68 of the Act, ignoring the fact that assessee has failed to discharge the primary onus cast upon him to prove the nature and source of such cash credit and genuineness of the transaction, in view of the decision of Hon’ble Apex Court in the case of Rupal Jain vs. CIT (2023).

3. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred, in deleting the addition of Rs. 2,64,490/- on account of cessation of liabilities u/s. 41(1) of the Act, ignoring the fact that these dues were pending for more than three years and there is no pendency of dispute at any forum has been reported by the assessee against the respective sundry creditors? 4. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of hearing.