Assistant Commissioner of Income Tax vs. Taxus Infrastructure and Power Projects P. Ltd.
Case No: ITA No. 3262/DEL/2017
Court: Income Tax Appellate Tribunal, Delhi Bench "G", Delhi
Date: 3/25/2025
Parties Involved
appellantAssistant Commissioner of Income Tax
respondentTaxus Infrastructure and Power Projects P. Ltd.
Facts Summary
The assessee, Taxus Infrastructure and Power Projects P. Ltd., is engaged in the business of power projects contracts and manufacturing of electrical goods and equipments. During the relevant period, the assessee received an unsecured loan of Rs. 3,81,00,000/- from SSP Solar Energy P. Ltd. The Assessing Officer (AO) added this amount to the assessee's income under section 68 of the Income Tax Act, 1961, alleging that the assessee failed to show the identity, creditworthiness, and genuineness of …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 3,81,00,000/- on account of unexplained cash credit under section 68 of the Income Tax Act, 1961, was correctly deleted by the CIT(A).
Precedents Relied Upon
2 precedents cited in this judgement.