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Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI
Before: SMT. DIVA SINGH & SHRI A. N. MISHRA
O R D E R PER DIVA SINGH, J.M. : The captioned appeal filed by the Revenue is against the order of CIT(A)-III, New Delhi dated 14.01.2013 pertaining to assessment year 2005-06 passed under section 153C/143(3) of the Income-tax Act, 1961 (in short “the Act”). The assessee has also filed Cross Objection against the appeal of the Revenue. 2. Both the appeal and Cross Objection relating to the assessee emanating from the same assessment year are being disposed of by this consolidated order.
CO No.134/Del/2013 3. In the appeal of the Revenue, the Revenue has raised the following grounds :- “
1. On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the addition of Rs.25,00,000/- made by the Assessing Officer on account of unsecured loan in view of the provisions of section 68 of the Income Tax Act, 1961.
2. On the facts and in the circumstances of the case, the CIT(A) has erred in not appreciating the facts of the case that the assessee had not discharged its onus of providing the genuineness and creditworthiness of the transaction, as no copy of ITR and bank statement was provided except confirmation of Sh. N. K. Jain.
3. On the facts and in the circumstances of the case, the CIT(A) has erred, in violation of rule 46A of the Income Tax Rules, 1962, by not following the decision of Hon’ble Delhi High Court in the case of Manish Buildwell Pvt. Ltd. 204 Taxman 106, wherein it was held by the Hon’ble jurisdictional High Court to give two stage opportunity under rule 46A, i.e. first before admission of addition evidences and second after admission of additional evidences.
4. The order of the CIT(A) is erroneous and is not tenable on facts and in law.
5. The appellant craves leave to add, alter or amend any /all of the grounds of appeal before or during the course of the hearing of the appeal.”
The Ld. AR, Shri Ashu Golal inviting attention to the quantum of relief granted by the CIT(A) submitted that the departmental appeal should be dismissed on the grounds of low tax effect relying upon the latest circular No.21/2015 dated 10th December, 2015 of CBDT. The Cross Objection filed by the assessee in the circumstances it was submitted may be dismissed as infructuous.
Shri S. S. Rana, CIT-DR considering the grounds and the additions at stake for the Revenue fairly submitted that in terms of the CBDT Circular No.21/2015 dated 10th December 2015, the departmental appeal may be treated as not pressed.