(1) Eland International (P) Ltd. v. DCIT

ZIA RATHI,DELHI vs. INCOME TAX OFFICER WARD-44(3), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Sudhir Kumar & Shri Manish Agarwalmrs. Zia Rathi, Income Tax Officer, 274, Dda Flats, Sector-1A, Ward-44(3), Dwarka Nasirpur, Vs. Delhi. New Delhi-110045. Pan-Bsvpr9218M (Appellant) (Respondent) Assessee By Dr. Rakesh Gupta, Adv. Shri Somil Agarwal, Adv. Shri Saksham Agarwal, Ca & Shri Deepesh Garg, Adv. Department By Ms. Ankush Kalra, Sr. Dr Date Of Hearing 04/11/2025 Date Of Pronouncement 16/01/2026 O R D E R Per Manish Agarwal, Am: This Appeal Is Filed By The Assessee Against The Order Of Learned Commissioner Of Income Tax, National Faceless Appeal Centre (Nfac), Delhi (‘Ld. Cit(A)’ In Short) Dated 27.02.2024 In Appeal No. Cit(A), Delhi- 15/11146/2019-20 Arising Out Of The Order Passed U/S 143(3) Of The Income Tax Act, 1961 (‘The Act’ For Short) For Assessment Year 2017-18. 2. Brief Facts Of The Case Are That Assessee Is Sole Proprietor Of M/S Veezee Traders Engaged In The Business Of Trading Of Pvc Coated Imported Fabric. The Zia Rathi Vs. Ito

…eration of goods---Amount of alleged sale consideration of books though not established by assessee to be genuine, same having been credited to the P&L a/c by assessee, it was neither required to be added nor deleted. -Eland International (P) Ltd. vs. Dy. CIT 26 DTR 113(Del. 'C') -CIT v. Vishal Exports Overseas Limited (Gujarat High Court) Tax Appeal No. 2471 of 2009 Thus, impugned additions will only result in double taxation which is not permissible in the eyes of law. Reliance is also placed on the following decisions for cash deposit during the demonetization period and also for the aspect of cash sales:-  K…

GOLD SPICE IMPEX,DELHI vs. INCOME TAX OFFICER, WARD-47(2), DELHI

In the result, the appeal filed by the assessee is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumarm/S. Gold Spice Impex, Vs. Ito, Ward 47 (2), 1879, Kucha Chelian, Khari Boali, Delhi. Delhi – 110 006. (Pan : Aapfg0688P) (Appellant) (Respondent) Assessee By :Shri Rakesh Gupta, Advocate Shri Deepesh Garg, Advocate Revenue By : Shri Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing : 26.08.2025 Date Of Order : 21.11.2025 O R D E R Per S. Rifaur Rahman: 1. The Assessee Has Filed Appeal Against The Order Of The Learned Commissioner Of Income-Tax (Appeals)/National Faceless Appeal Centre (Nfac), Delhi [“Ld. Cit(A)”, For Short] Dated 17.01.2024 For The Assessment Year 2017-18 Raising Following Grounds Of Appeal :- “1. That Having Regard To The Facts & Circumstances Of The Case, Ld. Cit(A) Has Erred In Law & On Facts In Confirming The Action Of Ld. Ao In Making Aggregate Addition Of Rs.1,15,00,000/- On Account Of Cash Deposits U/S 68 & Taxing The Same U/S 115Bbe & That Too By Recording Incorrect Facts & Findings & Without Following The Principles Of Natural Justice.

…ation of goods---Amount of alleged sale consideration of books though not established by assessee to be genuine, same having been credited to the P&L a/c by assessee, it was neither required to be added nor deleted. - Eland International (P) Ltd. vs. Dy. CIT 26 DTR 113(Del.’C’) - CIT v. Vishal Exports Overseas Limited (Gujarat High Court) Tax Appeal No. 2471 of 2009 Thus, impugned additions will only result in double taxation which is not permissible in the eyes of law. 2. Ld. CIT(A) has mentioned in para 4.3 at page 9 of the appeal order that appellant has not submitted any details/explanation explaining source…

STANDARD TELE TOWERS PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE-24(2), NEW DELHI

Bench: Sh. N.K.Billaiya & Sh.Anubhav Sharma

…ions for the proposition that no addition/disallowance could be made in respect of an amount already stands credited in Profit and loss account: • Addl. CIT vs. Gurshant Rotary Compressor Ltd. 15 DTR 429(Del’C’)(TM) • Eland International (P) Ltd. vs. Dy. CIT 26 DTR 113(Del.’C’) • CIT v. Vishal Exports Overseas Limited (Gujarat High Court) Tax Appeal No. 2471 of 2009 7.3 Without prejudice to the above, Ld. Counel has submitted that even if, the said disallowance of expenditure of Rs. 5,81,02,040/- is to be made, then consequently the said amount is also required to be reduced from the closing stock for the above…

ITO, NEW DELHI vs. SH. PREM KUMAR & SONS (HUF), DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri O.P. Kant

…not expect the appellant to fulfill all the queries at a time. The AO also never confronted the appellant that confirmations from the three creditors of Jallandhar have not been received. It is held in the case of Eland International Pvt. Ltd. vs. DCIT (2009) 26 DTR 113 (Del.) that, “If sales have been effected out of purchase made from these parties, then, it cannot be said that the purchase were bogus”. The AO did not make any concerted effort to find out the bogus purchases. The addition cannot be made in summery manner where just because some confirmations were not received, entire credit entries should be co…

DCIT, NEW DELHI vs. M/S. PADMINI VNA MECHATRONICS PVT. LTD., NEW DELHI

In the result, Departmental Appeal for A

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

…consumed in production which is not disputed. There is no evidence available on record, if the assessee received back the cash amount from the seller party. The assessee relied upon the following decisions:- (1) Eland International (P) Ltd. vs. DCIT (2009) 26 DTR 113 (Del.), in which Delhi High Court held as under:- “Held that - It is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effected out of purchases made from these parties then, it cannot be said that the purchases…

DCIT, NEW DELHI vs. M/S. PADMINI VNA MECHATRONICS PVT. LTD., NEW DELHI

In the result, Departmental Appeal for A

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

…consumed in production which is not disputed. There is no evidence available on record, if the assessee received back the cash amount from the seller party. The assessee relied upon the following decisions:- (1) Eland International (P) Ltd. vs. DCIT (2009) 26 DTR 113 (Del.), in which Delhi High Court held as under:- “Held that - It is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effected out of purchases made from these parties then, it cannot be said that the purchases…

DCIT, NEW DELHI vs. M/S. PADMINI VNA MECHATRONICS PVT. LTD., NEW DELHI

In the result, Departmental Appeal for A

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

…consumed in production which is not disputed. There is no evidence available on record, if the assessee received back the cash amount from the seller party. The assessee relied upon the following decisions:- (1) Eland International (P) Ltd. vs. DCIT (2009) 26 DTR 113 (Del.), in which Delhi High Court held as under:- “Held that - It is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effected out of purchases made from these parties then, it cannot be said that the purchases…

ITO, NEW DELHI vs. SH. KAUSHALENDRA AGARWAL, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

…aced on the following decisions : (i). ACIT vs. Bahri Bros. Pvt. Ltd. 154 ITR 244 (Pat) (ii). Mather Platt (India) Ltd. vs. CIT, 168 ITR 493 (Cal.) (iii). CIT vs. Pancham Das Jain 205 CTR 444 (All.) (iv). Shree Nashik Panchvati Panjarpole vs. DIT (Exemptions) 26 DTR 113 (Bombay) (v). CIT vs. Ritu Anurag Aggarwal reported in (2012) DTLONLINE 134 (Del.) (vi) ITO vs. Zazsons Exports Ltd. 153 ITD 1 (Lko-TM) (vii). CIT vs. M/s Nikunj Exim Enterprises P. Ltd. 372 ITR 619 (Bom.) It was also submitted that the AO had power to summon the parties, but no such exercise was done. Therefore, the addition only on the basis of…