TaxTMI 
TaxTMI 
2026 (10) TMI 178
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.... Vipul Kashyap, SR. DR ORDER PER SHRI ANUBHAV SHARMA, JUDICIAL MEMBER: This appeal is preferred by the assessee against the order dated 17.02.2026 of the Ld. National Faceless Appeal Centre, Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in DIN & Order No: ITBA/NFAC/S/250/2025-26/1086126751(1) arising out of the assessment order dated 08.04.2021 u/s 14....
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....10AC under the new regime of the Act. 3. As the management of assessee had found certain discrepancy in the accounts for Financial Year 2017-18 a special audit was got conducted and which indicated fictitious/non-existent assets have been recorded in the books to camouflage the shortfall arising out of embezzlement of the fund by one Mr. Satish Singhal & Mr. Rahul Goel who were managing the aff....
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....0/466, 468, 406 of the Indian Penal Code, registered on 03.05.2018 and the name of accused has been mentioned as Satish Chand Singhal. All the facts which are asserted before us with regard to the embezzlement of fund, are narrated extensively wherein it is alleged that during the examination of the records obtained from UCO Bank regarding FDR it transpires that the loans were obtained by fabricat....
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..../-. 5. We find that these content of FIR are very descriptive and the ld. AO takes note of the registration of the FIR to brush it aside by observing that only alleging the FIR is not ample evidence to prove the alleged blood unless the same is prove in the Court. We are of the considered view that the assessee's conduct is relevant and not the ultimate outcome of the criminal case registered. ....