Deletion of the addition on account of unexplained cash credits u/s 68 of the Income Tax Act

Last updated: 19 April 2021

Court :
ITAT New Delhi

Brief :
The present appeal is preferred by the assessee against the order dated 29.11.2019 passed by the LdCommissioner of Income Tax (Appeals)- 14, New Delhi {CIT (A)} for Assessment Year 2014-15.

Citation :
ITA No.761/Del/2020

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘E’: NEW DELHI
(Through Video Conferencing)

BEFORE,
SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER
AND
SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER

SA No.152/Del/2020
(ASSESSMENT YEAR 2014-15)
ITA No.761/Del/2020
(ASSESSMENT YEAR 2014-15)

Sh. Mukesh Mittal,
138, Deepali Enclave,
Pitampura,
New Delhi- 110 034
PAN –AJGPM 2125D
(Appellant)

Vs.

Income tax Officer,
Ward-41(1),
New Delhi.
(Respondent)

Appellant By Sh. Gautam Jain, Adv.
Sh. Lalit Mohan, CA
Respondent by Ms. Rakhi Vimal, Sr. DR
Date of Hearing 06.01.2021
Date of Pronouncement 26.03.2021

ORDER

PER SUDHANSHU SRIVASTAVA, JM:

The present appeal is preferred by the assessee against the order dated 29.11.2019 passed by the LdCommissioner of Income Tax (Appeals)- 14, New Delhi {CIT (A)} for Assessment Year 2014-15.

2.0 The brief facts of the case are that return declaring taxable income of Rs. 85,85,510/- was filed on 30.7.2014 through e-filing and was processed u/s 143(1) of the Income Tax Act, 1961 (hereinafter called ‘the Act’). The case was selected for scrutiny through CASS. During the year under consideration, the assessee has declared income from house property, short term capital gain and other sources. Besides this, the assessee has declared income from long term capital gains to the tune of Rs. 5,83,61,303/- which has been claimed exempt u/s 10(38) of the Act.

2.1 During the year under consideration, the assesseehad sold 7,50,000 shares of M/s Radford Global Ltd. for atotal consideration of Rs. 5,99,40,819/- against the purchaseof 1,50,000/- shares at Rs. 22,50,000/- resulting into long term capital gains of Rs. 5,76,90,819/-.

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