ACIT, CC-5, NEW DELHI vs. MOHIT NIDHI AGRO OIL PVT. LTD., NEW DELHI

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ITA 4280/DEL/2017Status: DisposedITAT Delhi20 October 2023AY 2011-12Bench: Sh. C. M. Garg, Judicial Member Dr. B. R. R. Kumar (Accountant Member)3 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the additions were based on documents seized from premises belonging to other entities and that the seized documents were dated from 01.01.2012 onwards. The CIT(A) had deleted the additions made by the AO.

What were the facts?

The appeals concern additions made by the Assessing Officer (AO) under Section 68 of the Income Tax Act for share capital. The additions were based on documents seized during a search operation. The CIT(A) had deleted these additions.

What were the issues?

Whether additions made under Section 68 for share capital are sustainable when the seized documents are dated after the relevant assessment year and pertain to other entities.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Heard together (6 matters)

ITA No. 4279/Del/2017
CO No. 46/Del/2021
ITA No. 1262/Del/2018
CO No. 194/Del/2022
ITA No. 4280/Del/2017
CO No. 47/Del/2021

Read from the judgment's own cause title. This page is filed under one of them.

In respect of the above said appeals filed by the Revenue in respect of share capital u/s 68 of the order dated 17.10.2023 passed by this Bench for which this corrigendum is hereby issued.

2.

Para 5 of the order reads as under:

“5. Facts as taken from the record and arguments are as under:”

3.

Para 5 of order shall read as under: “5. Facts as taken from the record and arguments are as under:

N.M Industries Pvt. N.M Industries Pvt. Mohit Nidhi Agro Oil Ltd. AY Ltd. AY 2012-13 Pvt. Ltd. AY 2011-12 2009-10 Date of 20.03.2008 20.03.2008 21.04.2010 Incorporation Date of filing of ITR 30.09.2009 31.01.2013 31.03.2012 Original) Total Income 9595380 31634340 76100 Returned bate of Search 30.09.2013/ 30.09.2013 30.09.2013 Action u/s 132 on 02.10.2013 Group Date of Notice u/s 30.12.2014/ 30.12.2014/ 30.12.2014/ 153A 10.02.2016 10.02.2016 24.08.2015

ITA No. 4279 & 4280/Del/2017 3 CO Nos. 46 & 47/Del/2021 & 194/Del/2022 N. M. Industries & Mohit Nidhi Pvt. Ltd. Date of filing of ITR 20.01.2015/ 20.01.2015 07.09.2015 (in response to 10.02.2016 /10.02.2016 notice u/s 153A) Total Income 41595380 131634340 211151220 Assessed Date of 31.03.2016 31.03.2016 31.03.2016 Assessment Order Amount of Addition 32000000 1000000000 211075120 made Nature of Addition Share Capital u/s 68 Share Capital u/s 68 Share Capital u/s 68 Whether addition No No No made is based upon any incriminating document/ material Whether addition Deleted (Fully) Deleted (Fully) Deleted (Fully) made by AO is deleted (fully or partly) or sustained by CIT(A) Relevant Para of 8.6 to 8.16 5 (i) 8.6 to 8.16 order of CIT(A)

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