Technosys Integrated Solutions Pvt Ltd Vs ACIT (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Technosys Integrated Solutions Pvt Ltd, deleting additions made by tax authorities under Section 68 of the Income Tax Act, 1961, for unexplained cash credits. The case, pertaining to Assessment Year 2018-19, centered on investments totaling Rs. 45,15,000 received from various shareholders.
Initially, the Assessing Officer had added a significant sum of Rs. 11,42,65,900 as unexplained cash credits. However, this amount was largely deleted, with only Rs. 45,15,000 remaining in contention before the ITAT.
Upon detailed review, the ITAT found that several contested investments were either genuinely proved by the assessee or, crucially, were not credited in the relevant financial year (F.Y. 2017-18). For instance, an investment of Rs. 9,80,000 from Ms. Pooja Kushwaha, though part of a larger original addition, was found to have been made on October 26, 2018, thus falling outside the assessment year. Similarly, amounts from Mr. Rakesh Dhar, Mr. Neeraj Kushwaha, and Ms. Maya were deleted because they were either accepted as genuine or credited outside the relevant financial year. Investments from Sh. Abhishek Kumar and Sh. Neeraj Kushwaha HUF were also deleted, with the Tribunal noting that their genuineness was proved, and one sum was credited on October 15, 2018.
