Case Law Details
More Credit Securities (P) Ltd. Vs ITO (ITAT Delhi)
We find the Ld. CIT(A) while deleting the addition made by the A.O. under section 68 of the I.T. Act, 1961 has noted that assessee has filed the copies of the returns of income for A.Y. 2010-11 of all the applicants, copies of their audited balance-sheets as on 31.03.2010 containing the names of the assessees in the Schedule to the audited balance-sheets, confirmation of transactions by the share applicants, copies of their bank statements, copies of their assessment order for the impugned assessment year passed under sections 143(3) / 153A/153C of the I.T. Act, 1961 by their jurisdictional Assessing Officers etc. Further Shri Deepak Tyagi, Director of 06 Companies had appeared before the A.O. on 30.03.2014 in response to the summons issued by the A.O. under section 131 of the I.T. Act, 1961 and had confirmed to have made investments by his companies in the shares of the assessee-company in the statement recorded on oath. In view of the above and in view of the detailed reasoning given by the Ld. CIT(A) on this issue, we do not find any infirmity in his order in deleting the addition of Rs.17,32,00,000/-made by the A.O. under section 68 of the I.T. Act, 1961.
FULL TEXT OF THE ORDER OF ITAT DELHI
ITA.No.5318/Del/2016 filed by the Assessee and ITA.No.5278/Del./2016 filed by the Revenue are cross appeals and are directed against the order dated 29.07.2016 of the Ld. CIT(A)-6, New Delhi relating to A.Y. 2010-2011. ITA No. 4704/Del./2014 filed by the Revenue is directed against the order dated 19.06.2014 of the Ld. CIT(A)-8, New Delhi, relating to A.Y. 2011-2012. For the sake of convenience, all these appeals were heard together and are being disposed of by this common order.
ITA.No.5318/Del./2016 [Assessee]
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