2025 (3) TMI 1990

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....showing total income of Rs. 7,30,156/-. The return was processed under section 143(1) of the Act. Credited information received by the ld. Assessing Officer from the DDIT (Inv.), Unit-4(2), Kolkata in the case of Puspanjali Hirise Pvt. Limited. Therefore, the ld. Assessing Officer received further information that the assessee has received an amount of Rs. 22,00,000/- from M/s. Puspanjali Hirise Pvt. Limited during financial year 2015-16. Thereafter the ld. Assessing Officer initiated the proceedings under section 147 of the Act and issued notice under section 148 on 30.03.2021. The assessee filed its return of income on 19.04.2021 admitting the income of Rs. 7,30,160/-. A show-cause notice was issued to the assessee on 24.03.2022 requestin....

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....vt. Ltd. 2. Whether on the fact and in the circumstances of the case, ld. CIT(A), NFAC, New Delhi was incorrect in granting relief and deleted the addition made by the AO without examining the creditworthiness of the entity from which credit to the tune of Rs. 22,00,000/- were received. 3. Whether the decision of the ld. CIT(A), NFAC, Delhi is contrary to the judgment of the Hon'ble Division Bench, High Court at Calcutta in ITAT/67/2024 (IA No. GA/2/2024) in the case of Principal Commissioner of Income Tax, Central-2, Kolkata -vs.- BST Infratech Ltd. 6. I have heard both the sides. It was the submission of the ld. Departmental Representative that burden lies on the assessee to establish the source of receipt and also cr....

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....se, the ld. CIT(Appeals) deleted the addition made by the ld. Assessing Officer and therefore, ld. Counsel for the assessee pleaded to uphold the order passed by the ld. CIT(Appeals). 8. I have perused the material available on record. It is an admitted fact that the ld. Assessing Officer has not brought on record about the date of transaction between assessee-company and M/s. Pushpanjali Hirise Pvt. Limited, in which the amount was deposited, but simply he mentioned in the assessment order that he received credible information from the DDIT (Inv.), Kolkata about the cash credit of Rs. 22,00,000/- by the assessee-company from M/s. Pushpanjali Hirise Pvt. Limited. Initial burden lies on the ld. Assessing Officer to establish the nature of....