DCIT-CC-27, NEW DELHI vs. ANSHIKA CONSULTANTS PVT LTD., NEW DELHI

ITA 35/DEL/2022Status: DisposedITAT Delhi13 September 2023AY 2015-16Bench: or at the time of hearing of the appeal.” Cross Objection That in the absence of permission from the higher authority to convert limited scrutiny selected in CASS into full scrutiny, the Assessing Officer has no jurisdiction to frame assessment u/s 143(3) of IT Act under full scrutiny and accordingly the assessment so framed by AO u/s 143(3) of IT Act is invalid and bad in law.33 pages
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What did the Tribunal hold?

The Tribunal held that the CIT(A) correctly deleted the addition under Section 68 as the assessee provided sufficient evidence of loan genuineness. However, the issue of disallowance under Section 14A was remanded to the AO for further verification of own funds for investments.

What were the facts?

The Assessing Officer (AO) made an addition of Rs. 9,90,00,000/- under Section 68 and restricted disallowance under Section 14A. The CIT(A) deleted the addition under Section 68 and restricted the disallowance under Section 14A. The Revenue appealed this decision.

What were the issues?

Whether the addition made under Section 68 for unsecured loans was justified, and whether the disallowance under Section 14A was correctly computed and applied to book profits.

Which sections of the Income-tax Act were involved?

Section 68,Section 14A,Section 115JB

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Income Tax Appellate Tribunal, DELHI BENCH ‘A’: NEW DELHI

For Appellant: Mr. P. Praveen Sidharth, CIT-DR
For Respondent: Mr. M.P. Restogi, Advocate &, Mr. Rajeev Kumar,CA
Hearing: 11/07/2023Pronounced: 13/09/2023

Heard together (2 matters)

ITA No.35/Del/2022
CO No.76/Del/2023

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

PER YOGESH KUMAR U.S., JM: This appeal by Revenue is filed against the order of Learned

Commissioner of Income Tax (Appeals)-31, New Delhi [“Ld. CIT(A)”,

for short], dated 27/10/2021 for Assessment Year 2015-16. Grounds taken in this appeal as well as Cross Objection are as under:

“1. That on the facts and in

The order continues below.

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