Dy. CIT, Central Circle-27, New Delhi Vs. M/s Debonair Tie-up Pvt. Ltd.
Case No: ITA No.3055/Del/2022
Court: INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘B’: NEW DELHI
Date: 2/27/2025
Parties Involved
appellantDy. CIT, Central Circle-27, New Delhi
respondentM/s Debonair Tie-up Pvt. Ltd.
Facts Summary
The assessee, M/s Debonair Tie-up Pvt. Ltd., is a company engaged in trading in shares, securities, debentures, and other investments. The return of income was filed on 30.09.2012 declaring a total income of Rs.43,187/-. The assessment was completed on 02.03.2015 with an addition of Rs.17,07,86,833/- on account of an unsecured loan. In the first appeal, an addition of Rs.5,41,000/- was sustained, and the balance was deleted. The case was reopened on 18/03/2019 under section 148 based on informat…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in deleting the addition of Rs.4.5 Crores on account of unexplained cash credits without recording any finding.
- 2. Whether the CIT(A) erred in resting his decision on the premise that if the sale proceeds are received through banking channels and the buying company files its return of income, the cash credit is genuine.
3 more legal issues analysed in this judgement.
Precedents Relied Upon
4 precedents cited in this judgement.