This document offers a detailed analysis of the ITAT Delhi Bench’s decision in the case of Bhasin Infotech & Infrastructure Pvt. Ltd. vs ACIT, Central Circle-2, New Delhi for the assessment year 2014-15, highlighting key aspects and implications of the tribunal’s findings.
The case involves Bhasin Infotech & Infrastructure Pvt. Ltd., which appealed against the order of the CIT(A)-23, New Delhi. The appeal was concerning various additions and disallowances made by the CIT(A), which significantly raised the company’s taxable income from a declared loss.
The tribunal reviewed the enhancements made by the CIT(A) and examined the legitimacy of the loans and advances that were under scrutiny. The decision took into account the detailed submissions by both the appellant and the respondent, focusing on the adherence to judicial principles and tax law.
The ITAT’s decision provides insight into the handling of unverified loans and advances, enhancements made by the CIT(A), and the necessary adherence to principles of natural justice in tax assessments. This case serves as a precedent for similar cases involving issues of loan verification and the role of CIT(A) in handling such appeals.
The implications of this case extend beyond the immediate parties, offering guidance on the procedural and substantive aspects of handling tax disputes in the realm of corporate finance. The tribunal’s approach underscores the importance of thorough documentation and the need for clear evidence in tax disputes.
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