ACIT, New Delhi V. M/s. Premium Informatics Pvt. Ltd., New Delhi

ITA 1235/DEL/2015

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 4965 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 10 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-01-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2011-2012
• Appeal Filed On: 03-03-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AJAY WADHWA ADV MEGHA MITTAL
• Assessee Lawyers: SULEKHA VERMA
• Section: 153A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH F, NEW DELHI ] BEFORE SMT. BEENA A. PILLAI, JUDICIAL MEMBER A N D DR. B.R.R. KUMAR, ACCOUNTANT MEMBER ITA NO. 1235/DEL/2015 ASSESSMENT YEAR: 2011-12 ACIT CIRCLE- 3 NEW DELHI VS. PREMIUM INFORMATICS PVT. LTD. D- 37, DEFENCE COLONY NEW DELHI PIN: 110024 PAN: AAECP3749E (APPELLANT) (RESPONDENT) ASSESSEE BY : SMT. SULEKHA VERMA, CIT(DR) DEPARTMENT BY : SHRI AJAY WADHWA, ADV. MEGHA MITTAL, CA DATE OF HEARING : 03-01-2019 DATE OF PRONOUNCEMENT : 22-01-2019 O R D E R PER DR.B.R.R. KUMAR, AM : THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AG AINST THE ORDER OF THE LD. CIT(A)-23, NEW DELHI DT. 21/01/2015 WHEREIN REVENUE HAS RAISED ONLY ONE EFFECTIVE GROUND WHICH READS AS UNDER: ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CIT (A) HAS ERRED IN LAW IN DELETING THE ADDITION OF RS.3,00,00,000/- MADE BY A O ON ACCOUNT OF UNEXPLAINED LOAN SINCE CREDIT WORTHINESS AND GENUINENESS OF LOA N TRANSACTION WAS NOT PROVED AS THE ASSESSEE FAILED TO FURNISH COPY OF BANK STAT EMENT REFLECTING THE LOAN TRANSACTION DURING THE COURSE OF ASSESSMENT PROCEED INGS. 2 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSING O FFICER HAS MADE ADDITION OF RS. 3,02,40,000/- WHICH CONSISTS OF RS. 2,40,000/- RECEIVED AS LOAN FROM MR. JASWANT SINGH AND RS. 3,00,00,000/- FROM J.S. PETRO CHEMICALS PVT. LTD. THE LD. CIT(A) HAS DELETED THE ADDITION BASED ON THE FACT T HAT A) THE ASSESSMENT OF BOTH THE PARTIES HAS BEEN COMPLET ED BY THE SAME ASSESSING OFFICER UNDER SECTION 153A B) THE RECORD AVAILABLE BEFORE THE ASSESSING OFFICER S HOWS SUFFICIENT INFORMATION ABOUT THE IDENTITY, GENUINITY AND CREDI T WORTHINESS OF THESE TRANSACTIONS. C) THE BANK STATEMENT HAVE BEEN DULY SUBMITTED REFLECT ING THE PAYMENT RECEIVED FROM THE LENDER COMPANY WHICH WAS ALSO ASS ESSED BY THE SAME ASSESSING OFFICER UNDER SECTION 153A. 3. WHILE THE REVENUE HAS ACCEPTED THE DECISION OF T HE LD. CIT(A) FOR DELETION OF RS. 2,40,000/-, AN APPEAL HAS BEEN FIL ED AGAINST THE DELETION OF RS. 3,00,00,000/-. THE ONLY GRIEVANCE OF THE REVENUE IS THAT WHILE THE ASSESSEE FAILED TO FURNISH COPY OF BANK STATEMENT REFLECTING THE LO AN TRANSACTION DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE LD. CIT(A) DE LETED THE ADDITION MADE BY THE ASSESSING OFFICER. WE FIND THAT THE BASIC REQUI REMENTS LIKE CONFIRMATION, LEDGER ACCOUNT IN THE BOOKS OF THE ASSESSEE COMPANY , INCOME TAX RETURN OF THE LENDER, BANK STATEMENT OF THE LENDER REFLECTING THE PAYMENTS TO THE ASSESSEE COMPANY, BANK STATEMENT OF THE ASSESSEE REFLECTING THE RECEIPT OF SUCH PAYMENT AND ALSO KEEPING IN VIEW THE FACT THAT ALL THE CASES ARE BEING SCRUTINIZED BY THE SAME ASSESSING OFFICER UNDER SEC TION 153A WHO HAS THE RECORDS OF ALL THE PARTIES, AND IN THE ABSENCE OF A NY OTHER EVIDENCE ON RECORD 3 TO SUGGEST ANY SUSPICIOUS NATURE OF THESE AMOUNTS , WE HEREBY HOLD THAT THE LD. CIT(A) HAS RIGHTLY DELETED THE ADDITION MADE BY THE ASSESSING OFFICER. 4. AS A RESULT THE APPEAL OF THE REVENUE IS HEREBY DISMISSED. THE ORDER PRONOUNCED ON THE OPEN COURT ON 22/01/201 9. SD/- SD/- (BEENA A. PILLAI) (DR. B.R.R. KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 22/01/2019 BIDHAN COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI 4 DRAFT DICTATED ON DRAFT PLACED BEFORE AUTHOR DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER DRAFT DISCUSSED/APPROVED BY SECOND MEMBER APPROVED DRAFT COMES TO THE SR.PS/PS KEPT FOR PRONOUNCEMENT ON DATE OF UPLOADING ORDER ON THE WEBSITE FILE SENT TO THE BENCH CLERK DATE ON WHICH FILE GOES TO THE AR DATE ON WHICH FILE GOES TO THE HEAD CLERK DATE OF DISPATCH OF ORDER