MNF METAL & FORMING PVT LTD,NEW DELHI vs. DCIT CIRCLE-16(2), NEW DELHI
In the result, the appeal filed by the Assessee is partly allowed
ITA 6698/DEL/2019[2013-14]Status: DisposedITAT Delhi17 Apr 2025AY 2013-14
Bench: Shri Mahavir Singh & Shri M. Balaganesh, Accoutant Member Asstt. Year : 2013-14 Mnf Metals & Forming Pvt. Ltd. Vs. Dcit, Circle 16(2), 1313, Ansal Tower, New Delhi – 2 38, Nehru Place, New Delhi – 110 019 (Pan: Aabci4339L) (Appellant) (Respondent) Appellant By : Sh. Ram Avtar, Ca & Sh. Bhupesh Aggarwal, Ca Respondent By : Sh. Sunil Kumar Yadav, Cit(Dr) Date Of Hearing 17.04.2025 Date Of Pronouncement 17.04.2025 Order Per Mahavir Singh, Vp This Appeal By The Assessee Is Arising Out Of The Order Dated 31.05.2019 Of The Ld. Cit(A)-37, New Delhi In Appeal No. Cit(A), Delhi-37/10057/2017-18. Assessment Was Framed By The Assessing Officer/Dcit, Circle 16(2), New Delhi For Assessment Year 2013-14 U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred As “Act”) Vide Order Dated 23.03.2016. The Assesse Has Raised The Following Grounds:- 1. On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Law By Confirming Ao’S Act Of Addition Of Unsecured Loan Received From Mnf Projects
For Appellant: Sh. Ram Avtar, CA &For Respondent: Sh. Sunil Kumar Yadav, CIT(DR)
Section 143(3)Section 234BSection 68
section 68 of the Act.
2. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in concluding that creditworthiness and genuineness of the transaction of loan received from MNF Projects Ltd., of Rs. 42,50,000/- remained unexplained whereas the transaction was genuine and party was having creditworthiness to advance
