9911796707
TMI Blog2025 (4) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax (Central)-2 v. Nagar Dairy Pvt. Ltd.: 2025:DHC:1350-DB. 3. The application is accordingly dismissed. ITA 431/2022, CM APPL. 29616/2024 & CM APPL. 4277/2025 4. The Revenue has filed the present appeal under Section 260A of the Income Tax Act, 1961 [the Act] impugning a common order dated 09.08.2019 passed by the learned Income Tax Appellate Tribunal [ITAT] insofar as it relates to ITA No.6016 of 2018 pertaining to Assessment Year [AY] 2007-08. The assessee had preferred the said appeal, inter alia, impugning an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] upholding the addition of Rs. 3,34,31,000/- under Section 68 of the Act. 5. The Assessee's assessment for the relevant AY 2007-08 was reop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h whom the petitioner has had transactions in the financial year [FY] 2006-07 were genuine. 9. In the aforesaid context, this court had admitted the present appeal and framed the following question of law: "4. We accordingly admit the instant appeal on the following question of law: - A. Whether on the facts and circumstances of the case, the Tribunal has erred in deleting the addition of INR 3,34,31,000/- made by the AO under Section 68 of the Act as unexplained cash credits without appreciating that the capacity or creditworthiness of the investor has not been established?" 10. The learned counsel appearing for the Revenue has handed over a tabular statement to indicate that apart from three companies, which had extended credit to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent from the above that a finding as to the genuineness of the companies from whom the assessee had availed credit in the FY 2005-06 relevant to AY 2006-07 cannot be a foundation for a finding that the companies from whom the assessee had availed the credit in FY 2006-07 relevant to AY 2007-08 are genuine. The learned ITAT has not examined the capacity or the creditworthiness of eight companies which were not subject matter of examination in the proceedings relating to the earlier assessment years [AY 2006-07]. 12. Accordingly, the present appeal is allowed and the impugned order to the extent that it relates to AY 2007-08 is set aside. The matter is remanded to the learned ITAT to consider afresh. Pending applications shall also stand dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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