Pr. Commissioner of Income-tax - 17 v. Satish Chander Sikka
[Citation -2017-LL-1108-4]
| Citation | 2017-LL-1108-4 |
|---|---|
| Appellant Name | Pr. Commissioner of Income-tax - 17 |
| Respondent Name | Satish Chander Sikka |
| Court | HIGH COURT OF DELHI AT NEW DELHI |
| Relevant Act | Income-tax |
| Date of Order | 08/11/2017 |
| Assessment Year | 2008-09 |
| Judgment | View Judgment |
| Keyword Tags | share application money • question of law • cash in hand • interest free advance • genuineness of transaction |
| Bot Summary: | In this appeal, the Revenue questions an order of the Income Tax Appellate Tribunal directing the deletion of total amount of 2,35,00,000/- brought to tax under Section 68 of the Income Tax Act, 1961 for AY 2008-09. According to the assessee, the amounts were borrowed from various individuals and entities for the purchase of property. During the course of assessment proceedings, the Assessing Officer had enquired into these amounts; the assessee had provided the details and particulars of the entities who provided the cash. The ITAT in its impugned order was of the opinion that a proper ITA 948/2017 Page 1 appreciation of the circumstances especially the fact that the credits were confirmed by the entities who advanced them, could not have led to the conclusion that the income could be brought to tax under Section 68. The ITAT took note of the transactions for the previous assessment years, i.e., 2007-08, the cash in hand in question etc. This Court is of the opinion that the conclusions and findings of the ITAT are truly factual. This Court is satisfied that no question of law arises; the appeal is dismissed. |