ITA No. 6206 to 6210/Del/2015 & CO 398 to 401/Del/2015 Green Mark Infra Ltd. ITA No. 6221 to 6224/Del/2015 & CO Nos. 191 to 194/Del/2018 Moderate Credit Corp. Pvt. Ltd.
Parties Involved
Facts Summary
The assessees, Green Mark Infra Limited and Moderate Credit Corporation Private Limited, filed their original Income Tax Returns for various assessment years. The Assessing Officer received information that the assessees were engaged in providing accommodation entries. Based on this, the AO initiated assessment proceedings and completed assessments by adding certain sums as accommodation entries on a protective basis. The assessees filed petitions before the Commissioner of Income Tax, Central-II, New Delhi, who annulled the assessments. Subsequently, the AO initiated proceedings under section 148 of the Act and completed reopened assessments. The assessees appealed before the Commissioner of Income Tax (Appeals) [CIT(A)] and succeeded on quantum additions but not on legal & technical grounds. The Revenue appealed to the Tribunal, arguing for the setting aside of the CIT(A)'s orders and revival of the assessment orders.…
Decision in favour of
Revenue
Legal Issues
- 1. Deletion of additions made by the Assessing Officer vis-à-vis relief allowed by the Commissioner of Income Tax (Appeals).
- 2. Finding of the CIT(A) being based on inadequate, incomplete, non-genuine & non-reliable submissions of the assessee.
Judgment Outcome
Decided in favour of Revenue.
Precedents Relied Upon
7 precedents cited in this judgement.
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