1. Ajay Gupta v. DCIT

Super Cassettes Industries Private Limited, Delhi vs. DCIT Central Circle 3, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

…1 ITA Nos.2713-2714/Del/2023; ITA Nos.7,51,271/Del/2024 etc. Super Cassettes Industries Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE Ms. MADHUMITA ROY, JUDICIAL MEMBER AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER ITA No. 2713/Del/2023 A.Y. 2015-16 ITA No. 2714/Del/2023 A.Y. 2016-17 ITA No. 7/Del/2024 A.Y. 2017-18 ITA No. 51/Del/2024 A.Y. 2018-19 ITA No. 271/Del/2024 A.Y. 2019-20 Super Cassettes Industries Pvt. Ltd., E-2/16 White House, Ansari Road, Daryaganj, New Delhi-110002. PAN: AABCS 4712 P Vs DCIT Central Circle-03, Delhi. APPELLANT RESPONDENT ITA No. 2511/Del/2023 A.Y. 2013…

Super Cassettes Industries Private Limited, Delhi vs. DCIT Central Circle-3, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Dy. Commissioner of Income Tax, Central Circle - 3, New Delhi, Delhi vs. Super Cassettes Industries Pvt. Ltd., Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Dy. Commissioner of Income Tax, Central Circle - 3, New Delhi, Delhi vs. Bhushan Dua, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Dy. Commissioner of Income Tax, Central Circle-3, New Delhi, Delhi vs. Bhushan Dua, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

…ing material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 206.1 Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Dy. Commissioner of Income Tax, Central Circle - 3, New Delhi, Delhi vs. Super Cassettes Industries Pvt. Ltd., Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

…1 ITA Nos.2713-2714/Del/2023; ITA Nos.7,51,271/Del/2024 etc. Super Cassettes Industries Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE Ms. MADHUMITA ROY, JUDICIAL MEMBER AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER ITA No. 2713/Del/2023 A.Y. 2015-16 ITA No. 2714/Del/2023 A.Y. 2016-17 ITA No. 7/Del/2024 A.Y. 2017-18 ITA No. 51/Del/2024 A.Y. 2018-19 ITA No. 271/Del/2024 A.Y. 2019-20 Super Cassettes Industries Pvt. Ltd., E-2/16 White House, Ansari Road, Daryaganj, New Delhi-110002. PAN: AABCS 4712 P APPELLANT Vs DCIT Central Circle-03, Delhi. RESPONDENT ITA No. 2511/Del/2023 A.Y. 2013…

Dy. Commissioner of Income Tax, Central Circle - 3, Delhi vs. Super Cassettes Industries Pvt. Ltd., Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Super Cassettes Industries Private Limited, Delhi vs. DCIT Central Circle 03, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle-03, New Delhi, Delhi vs. Luv Ranjan, Ghaziabad

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

…form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 86 | P a g e 206.1 Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, New Delhi, Delhi vs. Bhushan Dua, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, New Delhi, Delhi vs. Bhushan Dua, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, New Delhi, Delhi vs. Super Cassettes Industries Pvt. Ltd., Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Super Cassettes Industries Pvt Ltd, Delhi vs. DCIT Central Circle-3, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Super Cassettes Industries Pvt Ltd, New Delhi vs. DCIT Central Circle-3, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, Delhi vs. Super Cassettes Industries Private Limited, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, Delhi vs. Super Cassettes Industries Private Limited, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle-3, Delhi vs. Bhushan Dua, New Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Deputy Commissioner of Income Tax, Central Circle 3, Delhi vs. Bhushan Dua, New Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandraa.Y. 2015-16 A.Y. 2016-17 A.Y. 2017-18 A.Y. 2018-19 A.Y. 2019-20

…ng material to form basis of framing assessment under Section 153A read with Section 143(3) of the Act." 250. Further, even the statement does not form part of incriminating material and the same has been held in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been found…

Income Tax Officer Ward 52(1) New Delhi, New Delhi vs. M/S Novel Infratech, New Delhi

In the result appeal of the revenue is dismissed

Bench: Shri M. Balaganesh & Shri Sudhir Kumarito, Vs. M/S. Novel Infratech, Ward-52(1), Flat No. 915, Indra Prakash New Delhi Building, 21, Barakhamba Road, New Delhi (Appellant) (Respondent) Pan: Aajfn0187A

…33. The Assessing Officer was not justified in relying on the statement not corroborated by other documentary evidences in respect of the impugned transaction of the assessee. In this regard, reliance is placed in the following cases:- 1. Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del- ITAT) Para 7- No addition can be made or sustained simply on the basis of statement recorded at the time of search, for which no corroborative material is found. In order to make a genuine and legally sustainable addition on the basis of surrender during search, it is sine qua non that some incriminating material must have been foun…

ACIT, New Delhi vs. Filatex India Limited, Delhi

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

…. ACIT vide ITA No. 1938/Del/2022 (Del- ITAT)[Unsecured loan cannot be termed bogus only on the basis of statement without corroborative material] Decision of Delhi High Court in the case of PCIT V. Pavitra Realcon Pvt. Ltd. (ITA 579/2018) Ajay Gupta Vs. DCIT 81 Taxmann.com 462 (Del-ITAT) [Incriminating material must have been found to correlate the undisclosed income with such statement.] 6. The AO could not find any corroborative evidence to prove that the contents of the Whatsapp Messages were true and linked with the unsecured loan taken by the assessee. 7. Further, no cash trail was established by the AO to…