The A.C.I.T. Vs. M/s Nine Corporate Inception Pvt Ltd

Parties Involved

Facts Summary

The assessee, M/s Nine Corporate Inception Pvt Ltd, is a resident Private Limited company. It filed a return of income for A.Y. 2015-16 declaring an income of Rs. 3,08,640/-. A search action conducted on 17.12.2015 revealed that the assessee was a conduit company managed by entry operators Sh. Anand Kumar Jain and Sh. Naresh Kumar Jain, who provided accommodation entries in lieu of commission. The Assessing Officer made additions of Rs. 6,93,50,000/- as unexplained entries u/s 68 and Rs. 1,73,375/- as unaccounted commission. The ld. CIT(A) deleted these additions, leading the Revenue to appeal.…

Legal Issues

• 1. Deletion of addition of Rs.6,93,50,000/- made on account of undisclosed sources u/s 68
• 2. Deletion of addition of Rs.1,73,375/- made on account of unaccounted commission
• 3. Perversity and erroneousness of the CIT(A) order

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• ACIT Vs. Sunshine Inn (P.) Ltd.

  Delhi Bench ‘G’ New Delhi benchAY 2012-13 to 2017-18Dismissed

• Seemsan Impex Pvt. Ltd. Vs. DCIT, CC-29

  B Bench, Delhi benchAY 2016-17 to 2018-19Allowed

• Asst. Commissioner of Income Tax, Central Circle vs. M/s Round Square Exim Pvt. Ltd.

  Delhi Bench ‘F’ benchAY 2012-13 to 2015-16Dismissed

• Income Tax Officer, Ward-20(1), New Delhi vs. M/s. Precision Agencies Pvt. Ltd.

  Delhi Bench benchAY 2000-01, 2001-02, 2002-03Partly Allowed

• Amit Anand vs. ITO, WARD 36(1)

  Delhi Bench benchAY 2016-17Partly Allowed

• Sapra Iron Store vs. Income Tax Officer

  Delhi Bench 'C', Delhi benchAY 2012-13 & 2013-14Allowed