DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-13, NEW DELHI, JHANDEWALAN, NEW DELHI vs. URBAINIA SPACES PVT. LTD., MANDAWALI, DELHI

ORDER

Per Dr. B. R. R. Kumar, Accountant Member:

“1. Whether on the facts and circumstances of the case, the Ld.CIT(A) is correct in deleting the addition made u/s 68 of the I.T. Act, 1961 amounting to Rs.12,12,10,380/- on account of advance received from customers by stating that the assessee has duly discharged the onus that lay upon it u/s 68 of the Act despite the fact that assessee has failed to prove the creditworthiness and genuineness of investor who have made investment in the assessee company during the course of assessment proceedings.

2. Whether on the facts and in law, the Ld.CIT(A) is correct in ignoring the facts that the assessee has failed to prove the creditworthiness and genuineness of the money received against expression of interest in the Project Urbainia Spaces Pvt. Ltd. Booking amounting to Rs 2,31,61,925/- during the course of assessment proceedings.

3. Whether on the facts and in law, the Ld. CIT(A) is correct in ignoring the facts that the assessee has failed to prove the identity, creditworthiness and genuineness of the unsecured loan received from M/s Sagrika Seacraft Ltd. now known as Sagarika Produite Ltd. by the assessee amounting to Rs 50,00,000/- during the course of assessment proceedings.

4. Whether on the facts and circumstances of the case the Ld. CIT(A) is correct in observing that requisite details and evidences were filed by the assessee to prove the creditworthiness and genuineness of the investors.