ACIT Central Circle-30, New Delhi vs. Kamana Industries Pvt Ltd, Sonipat
In the result, appeal of the Revenue is dismissed
ITA 4997/DEL/2019[2013-14]Status: DisposedITAT Delhi27 Jul 2023AY 2013-14
Bench: Shri Saktijit Dey & Shri M. Balaganeshassessment Year: 2013-14 Acit, Vs Kamana Industries Pvt. Ltd., Central Circle-30, Piau Maniyari, New Delhi. Narela Road, Kundli, Sonepat, Haryana – 131 028. Pan Aabck7580K (Appellant) (Respondent) Assessee By : Shri P.C. Yadav & Shri Shivam Garg, Advocate Revenue By : Ms Sapna Bhatia, Cit-Dr Date Of Hearing : 01.05.2023 Date Of Pronouncement : 27.07.2023 Order Per M. Balaganesh, Am: This Appeal In Ita No.4997/Del/2019 For Ay 2013-14 Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals)-30, New Delhi, In Appeal No.172/16- 17/2606 Dated 13.03.2019 [Hereinafter Referred To As ‘Ld. Cit(A)’, In Short] Against The Order Of Assessment Passed U/S 153A Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Dated 29.12.2016 By The Ld. Income-Tax Officer, Central Circle-30, New Delhi (Hereinafter Referred To As ‘Ld. Ao’). 2. The Only Issue To Be Decided In This Appeal Is As To Whether The Ld.Cit(A) Was Justified In Deleting The Addition Made On Account Of Share Capital Received By The Assessee In The Sum Of Rs.7,10,00,000/- In The Facts & Circumstances Of The Instant Case.
For Appellant: Shri P.C. Yadav &For Respondent: Ms Sapna Bhatia, CIT-DR
Section 132Section 132(4)Section 143(1)Section 143(2)Section 143(3)Section 147Section 153ASection 68
…32(4) of the Act per se could be construed as an incriminating material. We find that this issue is no longer res integra in view of the decision of the Hon’ble jurisdictional High Court in the case of PCIT vs. Best Infrastructure (I) 3 (P) Ltd., reported in 397 ITR 82 and in the case of CIT vs. Harjeev Aggarwal, reported in 241 Taxman 199 wherein it has been categorically held that a Director of a company surrendering certain sums as undisclosed income could not be construed as incriminating material found during the course of search. It is not in dispute that the entire addition made in the instant case for di…
