ACIT, Circle 23 (2) vs. Signature Global (India) Pvt. Ltd.
Case No: ITA No.9264/Del/2019
Court: Income Tax Appellate Tribunal, Delhi Bench ‘G’, New Delhi
Date: 2/7/2025
Parties Involved
appellantACIT, Circle 23 (2)
respondentSignature Global (India) Pvt. Ltd.
Facts Summary
The assessee, Signature Global (India) Pvt. Ltd., filed its return of income for the Assessment Year 2016-17 disclosing a total loss. The case was selected for scrutiny, and during the assessment, the Assessing Officer (AO) observed that the assessee had received share capital and unsecured loans. The AO issued show-cause notices to explain the identity, genuineness, and creditworthiness of the shareholders and lenders. The assessee provided detailed explanations and documents. The AO made addit…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the ld. CIT(A) erred in deleting the addition of Rs.39,36,000/- on account of unexplained credit in the form of share & security premium u/s 68.
- 2. Whether the ld. CIT(A) erred in deleting the addition of Rs. 23,71,70,947/- on account of unexplained unsecured loan u/s 68.
3 more legal issues analysed in this judgement.
Precedents Relied Upon
9 precedents cited in this judgement.