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Judgment
PER SATBEER SINGH GODARA, JM
This assessee’s appeal for assessment year 2008-09, arises against the Commissioner of Income Tax (Appeals)-XXXIII [in short, the “CIT(A)”], New Delhi’s order dated 29.01.2014 passed in case No.375/10-11/347, involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties. Case file perused.
This assessee’s instant appeal appears to be raising its sole substantive ground directed against both the learned lower authorities’ respective assessment order dated 27.12.2010 treating its cash deposits of Rs.69,09,024/- as unexplained under section 68 which stands upheld in the lower appellate discussion.
We have given our thoughtful consideration to the assessee’s and the Revenue’s vehement submissions against and in support of the impugned addition. Learned counsel, more particularly, has invited our attention to the clinching fact that the assessee and its 33 group companies were controlled by one Sh. S.K. Gupta, who already stood assessed for the very income as per his declaration filed before the Income Tax Settlement Commission. Our attention is invited to this tribunal’s common order in M/s. Omni Farms Pvt. Ltd. vs. DCIT, ITA No.3477/Del/2013, dated 28.01.2015 deciding the very issue against the department to this effect (pages 54 to 72 in the paper-books) followed by various other orders on similar lines enclosed up to page 167 in the case records.
That being the case, there is no rebuttal coming from the Revenue side against the impugned double addition made in the assessee’s hands once Sh. S.K. Gupta, stood duly assessed for the same. We thus delete the impugned section 68 unexplained cash credits addition in very terms.
This assessee’s appeal is allowed.