2023 (8) TMI 682

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....ng Counsel with Ms Madhavi Shukla and Mr Ashvini Kumar, Standing Counsel. ORDER RAJIV SHAKDHER, J. (ORAL) CM APPL.39259/2023 1. Allowed, subject to just exceptions. ITA 422/2023 2. This appeal concerns Assessment Year (AY) 2015-16. 3. The appellant/assessee is aggrieved on account of the fact that the Income Tax Appellate Tribunal [in short, "Tribunal"] vide order dated 10.05.2023 has sust....

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....orfeited was Rs. 6,95,80,595/-. Rs. 1,59,36,508/-, which was also added to the income of the respondent/assessee, was written off by SAL in FY 2014-15. (v) Fifth, the communication with regard to the forfeiture of the security deposit was served on the petitioner via a letter dated 22.02.2015. The inspection reports which are dated 24.03.2010 and 08.04.2010 were produced, according to Mr Manibha....

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.... into an arrangement with SAL, what has persuaded us to uphold the impugned order is that no material that was produced by the appellant/assessee to establish the transaction in issue was genuine. 7. As noted by the authorities below; firstly, the appellant/assessee failed to produce the original agreement. 7.1. Secondly, the amount which was forfeited towards security deposit was an odd amount.....