DY COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI vs. MANLIFE TRADING PVT LTD, MUMBAI

Per : OM PRAKASH KANT, Accountant Member:

This appeal has been preferred by the revenue against the order dated 28/08/2024 passed by the Ld. Commissioner of Income Tax Appeals – National Faceless Appeal Center (NFAC), Delhi, (in short ‘the Ld. CIT(A)’) for Assessment Year 2010-11. The relevant grounds raised by the revenue are reproduced as under:

M/s. Manlife Trading Pvt. Limited. “1. "Whether on the facts and in the circumstances of the case and in law, the Ld.CIT (A) was justified in deleting the addition made u/s 68 of the LT. Act observing that the assessee has submitted sufficient details ignoring the fact that the addition was made as Unexplained Cash Credit for an accommodation entry in the form of Share Premium obtained by the assessee from an entity having no creditworthiness and through a non-genuine transaction which was clearly established in the information provided by the Investigation wing and firmly confirmed in the assessment proceeding."

2. "Whether on the facts and in the circumstances of the case and in law, the Ld.CIT (A) was justified in deleting the addition made u/s 69C of the I.T. Act observing that the assessee has explained the share premium transaction and therefore the addition on unexplained expenditure becomes infructuous ignoring the fact that the assessee had incurred unexplained expenses in the form of transaction charges/commission/ brokerage paid to the entry providers and had not accounted these expenses in its books of expenses."

3. The appellant prays that the order of the CIT(A) on the grounds be set aside and confirm the order of the AO.

4. The appellant craves leave to add, amend or alter all or any of the grounds of appeal.”

M/s. Manlife Trading Pvt. Limited.

Order pronounced in the open court on 28.11.2024.