ITA No. 2/Del/2024

Parties Involved

Facts Summary

The appeal in ITA No. 2/Del/2024 for the Assessment Year 2017-18 arises from the order of the Commissioner of Income Tax (Appeals)-24, New Delhi in Appeal No. CIT(A), Delhi-1/10385/2019-20 dated 11.10.2023 against the order of assessment passed under section 144 of the Income-tax Act, 1961 by the Assessing Officer, DCIT, Circle-3(1), New Delhi dated 17.12.2019. The revenue has raised several grounds of appeal challenging the deletion of additions and disallowances made by the Commissioner of Income Tax (Appeals) and the Assessing Officer. The Tribunal has heard the submissions and perused the material on record.…

Legal Issues

• 1. Deletion of addition made by the Assessing Officer under section 68 of the Act on the issue of cash deposited during the demonetization period.
• 2. Deletion of addition made under section 69A of the Act as the source of investment made by the assessee-company had not been substantiated with documentary evidence.
• 3. Deletion of addition made by the AO on account of inventories.
• 4. Deletion of disallowance under section 14A of the Act r.w.r 8D of IT Rules, 1962.
• 5. Deletion of disallowance made by the Assessing Officer of Rs. 10,64,995/-.
• 6. Deletion of disallowance made by the Assessing Officer of Rs. 32,13,000/- paid on account of rent.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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