ACIT Central Circle-30, New Delhi V. Bakliwal Holding Pvt Ltd, West Bengal

ITA 9101/DEL/2019

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 2720 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 5 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-04-2024
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-02-2024
• Assessment Year: 2010-2011
• Appeal Filed On: 24-11-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Search and seizure
• Section: 133(6); 153C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : A : NEW DELHI BEFORE SHRI G.S. PANNU, HON’BLE VICE PRESIDENT AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.9101/Del/2019 Assessment Year: 2010-11 ITA No.9102/Del/2019 Assessment Year: 2011-12 ACIT, Central Circle-30, New Delhi. Vs Bakliwal Holding Pvt. Ltd., Cabon No.G 20, Ground Floor, Kolkata, West Bengal – 700 013. PAN: AABCB0328E (Appellants) (Respondents) Assessee by : Shri Subhash Agarwal, CA Revenue by : Shri Zafarul Haque Tanweer, CIT-DR Date of Hearing : 26.02.2024 Date of Pronouncement : 30.04.2024 ORDER PER ANUBHAV SHARMA, JM: These are appeals preferred by the Revenue against the orders of the Commissioner of Income Tax (Appeals) (hereinafter referred to as Ld. First Appellate Authority or ‘the ld. FAA’ for short) in appeals filed before him against the orders of the ld. Assessing Officer (hereinafter referred to as the Ld. ITAs No.9101 & 9102/Del/2019 2 AO, for short). Further details of the orders of the lower authorities are as under:- ITA No. CIT(A) who passed the order Appeal No. & Date of order of the CIT(A) AO who passed the assessment order & Date of order Section of the IT Act under which the AO passed the order 9101/Del/2019 CIT(A)-30, New Delhi 274/18-19/4175 Date 24.09.2019 ACIT, Central Cir.30, New Delhi, date: 27.12.2018 153C/143(3) 9102/Del/2019 - Do - 275/18-19/4176 date 24.09.2019 - Do - - Do - 2. Heard and perused the record. The effective ground is the challenge to the deletion of Rs.4 crores in AY 2010-11 and Rs.96,33,075/- in AY 2011-12 by ld.CIT(A) which the AO had made on account of alleged unsecured loans from bogus/shell companies. As a matter of fact, a search and seizure operation was carried out in Shalimar group of cases on 18.06.2015 and, on the basis of some alleged incriminating evidences, reassessment was opened u/s 153C of the Act. The AO examined the receipt of Rs.4 crores by issuing 40000 shares to ten different private limited companies in AY 2010-11. Further, in AY 2011-12, the AO examined the loan of Rs.2.90 crores from M/s Topgrain Distributors Pvt. Ltd. The AO was not satisfied with the explanation and evidences of the assessee. Further, notices u/s 133(6) could not be served on these companies. Therefore, he made the addition. The CIT(A) was satisfied that none of the documents indicate anything incriminating relating to share capital raised by the assessee and even in the satisfaction note, there was no specific reference to any ITAs No.9101 & 9102/Del/2019 3 incriminating material. The ld. DR could not canvass before us anything on the basis of any material or facts to show that the opinion formed by the CIT(A) was incorrect or erroneous on any factual aspect or appreciation of the evidences. The CIT(A) has followed the settled proposition of law on the basis of several judicial decisions including CIT vs. Kabul Chawla, 380 ITR 573 (Del) which has been further accepted by the Hon’ble Supreme Court in PCIT vs. Abhisar Buildwell Pvt. Ltd. (2023) 149 taxmann.com 399 and DCIT vs. UK Paints (Overseas) Ltd. (2023) 454 ITR 441. The grounds raised have no substance. 3. In the result, the appeals filed by the Revenue are dismissed. Order pronounced in the open court on 30.04.2024. Sd/- Sd/- (G.S. PANNU) (ANUBHAV SHARMA) VICE PRESIDENT JUDICIAL MEMBER Dated: 30 th April, 2024. dk Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asstt. Registrar, ITAT, New Delhi