QUANTUM GLOBAL SECURITIES LIMITED,MUMBAI vs. ITO, WARD- 20(3), DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘C’, NEW DELHI
Before: SH. M. BALAGANESH & SH. SUDHIR KUMAR
PER SUDHIR KUMAR, JM:
This appeal by assessee is preferred against the order of National Faceless Appeal (NFAC) Delhi [for short hereinafter referred to as the “(Ld. NFAC”] dated 07.09.2024 arising out of the assessment order of the AO dated 29-13-2023 under section 147 r.w.s.144
ITA No. 3045/ Del/ 2025
Quantum Global Securities Ltd..vs ITO with144B of the Income tax Act 1961,(in short “the Act”),for Assessment Year 2018-19. 2 .The assessee has raised the following grounds in appeal:
1. On the facts and circumstances of the case and law, the learned
CIT(A) erred in confirming the action of the AO and sustaining the addition to the extent of Rs. 10,01,94,260/-.
2. On the facts and circumstances of the case and law, the learned
CIT(A) erred in confirming the action of the AO in determining and adding unexplained cash credit u/s 68 to the tune of Rs.
9.99.45.856/-.
3. On the facts and circumstances of the case and law, the learned
CIT(A) erred in confirming the action of the AO in determining by adding the ad-hock disallowance of expenses to the tune of Rs.
2,25,317/-.
4. On the facts and circumstances of the case and law, the learned
CIT(A) erred in confirming the action of the AO in determining by adding Rs. 23,083/- u/s 14 A read with rule 8D.
3. The appeal is time barred by 157 days. The Ld. AR stated that appeal should be filed by 06-11-2024 but filed by the 157 days delay, because the learned counsel of the assessee was suffering from the viral fever. The director of the company Sh. Raju Khan has filed the affidavit in which he explained the cause of delay. The assessee has shown the sufficient cause for not filing the appeal with in time, therefore, we condone the delay and admit the appeal for adjudication.
ITA No. 3045/ Del/ 2025
Quantum Global Securities Ltd..vs ITO
The brief facts of the case are that assessee is a Limited Company and filed its return of income for the A.Y.2017-18 on 31-12-2018 declaring total income of Rs. 13,85,910/-/-. The return of the assessee was processed u/s 143(1) of the Act .The case was selected for scrutiny through CASS. Show cause notice u/s 147 of the Act was issued. Subsequently notice under section 148 of the was issued, The Assessing officer passed the order under section 144 r.w.s. 144B of the Act on total income of Rs. 20,74,05,310/-. Later on the Assessing Officer found that the assessee has taken the accommodation entry of Rs. 40,00,000/- through a bogus shell /paper company and completed the assessment after making the addition on various heads and assessed the income at Rs. 21,14,05,307/- Aggrieved the order of the Assessing officer the assessee, preferred the appeal before the Ld. NFAC who vide his order dated 07-09-2024 dismissed the appeal against which the assesse is in appeal before the Tribunal. 5. Ld. AR of the assessee submitted that assessee did not appear before the Ld. NFAC and nit filed any documentary evidence.
ITA No. 3045/ Del/ 2025
Quantum Global Securities Ltd..vs ITO
The Ld. Departmental representative (DR) pointed out that the assessee did not appear before the Ld. NFAC, after filing the appeal. The appeal was rightly rejected. 7. We have heard the parties and perused the material available on record. It is admitted fact that the assessee did not appear before the Ld. NFAC and appeal was decided on the grounds taken and statement of facts of the assessee. Since in the instant case the assessee did not appear before the Ld. NFAC, therefore, considering the totality of the facts and circumstances of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Ld. NFAC with a direction to grant one final opportunity to the assessee to substantiate its claim and decide the issue as per fact and law. The assessee is also directed to appear before the Ld. NFAC and co-operate in the proceedings. The grounds raised by the assessee are accordingly allowed for statistical purposes.
ITA No. 3045/ Del/ 2025
Quantum Global Securities Ltd..vs ITO
In the result the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 28/10/2025 (M. BALAGANESH) JUDICIAL MEMBER
Date:- 28.10.2025
*SR BHATNAGGAR*