ITA No.2603/Del/2023 Global Emerging Markets India Ltd.(AY: 2015)
Case No: ITA No. 2603/Del/2023
Court: INCOME TAX APPELLATE TRIBUNAL “B” BENCH, DELHI
Date: 1/9/2026
Parties Involved
appellantDCIT, ACIT(OSD)
respondentGlobal Emerging Markets India Ltd.
Facts Summary
The assessee, Global Emerging Markets India Ltd., is a company incorporated on 18.03.1994 with the main object of investment in shares, securities, and real estate ventures. For the assessment year 2015, the assessee filed a return declaring a loss of Rs.55,96,589/-. The case was selected for scrutiny, during which the Assessing Officer observed unsecured loans of Rs.29,32,98,683/- raised from 24 entities. The assessee provided evidence to explain the genuineness of these loans, asserting that t…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in law and on facts by deleting the addition made by the AO of Rs.20,23,30,682/- representing borrowings obtained from various entities by the assessee, which were proven non-existing during enquiries conducted by the AO.