ITA No.1332/Del/2020

Parties Involved

Facts Summary

This Revenue’s appeal for assessment year 2014-15, arises against the Commissioner of Income Tax (Appeals)-37 [in short, the 'CIT(A)'], New Delhi’s order dated 17.01.2020 passed in case no. CIT(A), Delhi-37/10010/2016-17, involving proceedings under section 143(3) of the Income-tax Act, 1961. The Revenue argues that the CIT(A) has erred in law and on facts in reversing the Assessing Officer’s action making section 68 unexplained cash credits addition of Rs. 14,19,67,778/-. The Assessing Officer had estimated the Net Profit rate @8% and made an addition of Rs.1,82,39,020/- to total income of the appellant. In appeal, the CIT(A) confirmed the addition made by applying NP rate @8%.…

Legal Issues

• 1. Whether the CIT(A) erred in reversing the Assessing Officer’s action under section 68 of the Income-tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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