Bakliwal Holding Pvt Ltd, West Bengal V. Pr,CIT (Central)-3, New Delhi

ITA 389/DEL/2021

AI Insights

This case involves an appeal by Bakliwal Holding Pvt Ltd against an order under section 263 of the Income Tax Act, 1961, passed by the Principal Commissioner of Income Tax (PCIT) on 05.03.2021. The appeal was heard by the Income Tax Appellate Tribunal Delhi Bench. The primary issue was the addition of an unsecured loan of Rs.8,50,00,000 received from M/s Sofed Dealcom Pvt. Ltd., which was not addressed in the giving effect proceedings by the Assessing Officer. Since the relief was granted to the assessee in these proceedings, the Tribunal dismissed the appeal as withdrawn.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 115686 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 2 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-06-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 26-06-2023
• Assessment Year: 2010-2011
• Appeal Filed On: 06-04-2021
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.389/Del/2021 Assessment Year: 2010-11 Bakliwal Holding Pvt Ltd. Subash Agarwal & Associates, Advocates, Sidha Divson-1, Gibson Lane, Suite 213, 2 nd Floor, Kolkata, West Bengal. PAN: AABCB0328E Vs Pr. CIT (Central)-3, New Delhi. (Appellant) (Respondent) Assessee by : Shri Subhash Agarwal, CA Revenue by : Shri Praveen Sidharth, CIT, DR Date of Hearing : 27.06.2023 Date of Pronouncement : 27.06.2023 ORDER PER M. BALAGANESH, AM: This is an appeal preferred against the order under section 263 of the IT Act, 1961 passed by the PCIT on 05.03.2021. The ld. AR made a statement that in the giving effect proceedings to order under section 263 of the Act, the ld. AO had not made any addition in respect of unsecured loan received from M/s Sofed Dealcom Pvt. Ltd. in the sum of Rs.8,50,00,000/-. Since the relief is granted to the assessee in the giving effect proceedings to section 263 order, this appeal becomes ITA No.389/Del/2021 2 infructuous. Accordingly, the grounds raised by the assessee are hereby dismissed as withdrawn. 2. In the result, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the open court on 27.06.2023. Sd/- Sd/- (ANUBHAV SHARMA) (M. BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 27 th June, 2023. dk Copy forwarded to : 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asstt. Registrar, ITAT, New Delhi