DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCEL-1(2, NAGPUR vs. M/S. VIBRANT GLOBAL CAPITAL LTD., MUMBAI

ITA 229/NAG/2022Status: DisposedITAT Nagpur25 October 2024AY 2014-15Bench: SHRI V. DURGA RAO (Judicial Member)34 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to delete the addition related to written-off sundry balances, considering it a business expense allowable in the year of abandonment of a project. The appeal was dismissed.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made by the AO. The additions pertained to unexplained cash credits, disallowance under Section 14A, and written-off sundry balances.

What were the issues?

Whether written-off sundry balances, representing an abandoned business proposal, are allowable as a business expenditure under Section 37 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68,Section 14A,Section 37

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI V. DURGA RAO & SHRI K.M. ROY, ACCOUNTANT, MEMBER

For Appellant: Shri Kishore P. Dewani
For Respondent: Shri Sandipkumar Salunke

PER K.M. ROY, A.M.

This appeal has been filed by the Revenue challenging the impugned order dated 31/05/2022, passed by the learned Commissioner of Income Tax (Appeals)–3, Nagpur, [“learned CIT(A)”], for the assessment year 2014–15. 2. Following grounds have been raised by the Revenue:–

“1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.8.50 crore made by the AO as unexplained cash credit u/s 68 of the Act without considering the fact that no evidence was furnished by the assessee to substantiate the creditworthiness of the six (6) entities from whom such amo

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