Singh Infrastructures India Pvt Ltd, Gurgaon vs. DCIT-Circle-24(2), New Delhi
In the result, the appeal filed by the assessee is allowed
ITA 2670/DEL/2019[2014-15]Status: DisposedITAT Delhi21 Feb 2023AY 2014-15
Bench: Shri Shamim Yahya & Shri C.M. Gargassessment Year: 2014-15 Singh Infrastructure India Pvt. Ltd., Vs. Dcit, 9, Bougain Villa Marg, Circle-24(2), Dlf Phase-2, New Delhi. Gurgaon, Haryana – 122001. Pan: Aajcs3083M (Appellant) (Respondent) Assessee By : Ms Ayushi Gupta, Ca & Shri Ajay Wadhwa, Advocate Revenue By : Shri Abhishek Kumar, Sr. Dr Date Of Hearing : 28.11.2023 Date Of Pronouncement : 21.02.2023 Order Per C.M. Garg, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 01.02.2019 Of The Cit(A)-8, New Delhi, Relating To Assessment Year 2014-15. 2. The Grounds Of Appeal Taken By The Assessee Read As Under:- “That The Order Of Ld. Cit(A) - 8, Dated 01/02/2019 Is Bad In Law • & On Facts. • That The Ld. Cit(A) Has Erred On Facts & In Law In Sustaining The Addition Of Rs. 2,86,50,000/- Representing Unsecured Loan Creditors U/S 68 Of The Income Tax Act, 1961. • The Ld. Cit(A) Has Erred On Facts & In Law In Holding That The Assessee Has Failed To Discharge The Onus Of Proving Credit-Worthiness Of Lenders. • That The Ld. Cit(A) Has Erred On Facts & In Law By Not Accepting The Application Under Rule 46A For Additional Evidence. • That The Ld. Cit(A) Has Erred On Facts By Stating That The Assessee Has Not Made Any Application U/R 46A For The Admission Of Additional Evidences. The Assessee Had Duly Filed An Application U/R 46A Dated 15/01/2019 For Additional Evidences Along With The Submissions & Other Evidences Which The Ld. Cit(A) Failed To Consider & Thereby Incorrectly Alleged At Pg. 8,1St Para, 3Rd Line That No Application U/R 46A Has Been Filed. • That The Appellant Craves To Amend/Alter/Modify The Grounds Of Appeal And/Or To Raise Additional Grounds Of Appeal.”
For Appellant: Ms Ayushi Gupta, CA &For Respondent: Shri Abhishek Kumar, Sr. DR
Section 68
…R has placed reliance on various judgements including the judgement of the Hon’ble Supreme Court in the case of Orissa Corporation Pvt. Ltd., 159 ITR 78 (SC); judgement of the Hon’ble jurisdictionall High Court of Delhi in the case of Mod Creations Pvt. Ltd., 354 ITR 282 (Del); the judgement in the case of Real Time Marketing Pvt. Ltd., 306 ITR 35; and the order of the ITAT Delhi Bench in the case of AI Developers Pvt. Ltd., reported as 46 ITR (T) 321-ITAT Delhi, and other orders of the coordinate Benches of the ITAT to submit that no addition is called for in the hands of the assessee u/s 68 of the Act under the…
