TaxTMI 
TaxTMI 
2025 (2) TMI 1963
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....they are taken up together and disposed off by a single order. 2. In ITA No. 3166/Del/2023 for Asst. Year 2009-10, the assessee has challenged the order of Ld. CIT (A) on the basis of following grounds of appeal: "1. That the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi has erred both in law and on facts in upholding the determination of total income of the appellant company at Rs. 43,03,490/- as against declared income of Rs. 13,36,560/- in an order of assessment 31.12.2016 under section 147/143(3) of the Act. 2. That the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) has grossly erred both in law and on facts in disposi....
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....peals) has failed to appreciate that section 153C of the Act was applicable to the facts of the case of the appellant company and not section 147 of the Act and therefore the AO was illegal, invalid and untenable 3.3 That the learned Commissioner of Income Tax (Appeals) has failed to appreciate that even otherwise there was no failure on the part of assessee to disclose fully and truly all material facts necessary for assessment and as such action u/s 147 was in excess of jurisdiction, 3.4 That the learned Commissioner of Income Tax (Appeals) has failed to appreciate that reasons recorded mechanically without application of mind do not constitute valid reasons to believe for assumption of jurisdiction u/s 147 of the Act ....
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....earned Commissioner of Income Tax (Appeals) be quashed. It be held that addition made and sustained alongwith interest levied may kindly be deleted and, appeal of the appellant company be allowed." 3. During the course of hearing, the Ld. AR of the assessee has not pressed ground of appeal no.1 to 5 thus the same are dismissed. The Ld. AR of the assessee made submissions in respect to ground of appeal Nos. 4 and 4.1 only. It is submitted by Ld. AR of the assessee that the additions have been made on the allegation that the assessee has paid interest in respect of the cash loans received from Sh. Sant Lal Agarwal. This issue has already been decided by the Co-ordinate Bench of ITAT, Delhi in assessee's own case for Asst. Year 2010-11....
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.... except selling rice to the Ashram. In the very same statement, Shri Sant Lal Aggarwal accepted the transaction of M/s Index Securities and Research Pvt. Ltd and the appellant company. 28. The Assessing Officer never confronted Shri Devi Das Tikamdas Chattani to Shri Sant Lal Aggarwal. If the statement of Shri Devi Das Tikamdas Chattani is to be believed, then on the same facts, statement of Shri Sant Lal Aggarwal cannot be ignored or brushed aside lightly. Merely because the statement of Shri Sant Lal goes in favour of the assessee, cannot be a reason to disbelieve the same. As mentioned elsewhere, there is no direct evidence brought on record which could suggest that some cash transactions took place between the assessee and the ....