On June 27, 2023, the Income Tax Appellate Tribunal in Delhi, composed of Shri M. Balaganesh, Accountant Member, and Shri Anubhav Sharma, Judicial Member, pronounced their final decision regarding the appeal filed by Bakliwal Holding Pvt Ltd. against an order under section 263 of the Income Tax Act, 1961, which was initially passed by the Pr. CIT (Central)-3, New Delhi on March 5, 2021.
The core issue in the appeal involved the consideration of an unsecured loan received from M/s Sofed Dealcom Pvt. Ltd. amounting to Rs.8,50,00,000. Despite the Principal Commissioner’s order under section 263, the Assessing Officer did not make any additions in the subsequent proceedings, rendering the appeal by Bakliwal Holding infructuous. Therefore, the appeal was dismissed as withdrawn.
During the proceedings, Shri Subhash Agarwal, CA represented the appellant, while the respondent was represented by Shri Praveen Sidharth, CIT, DR. After evaluating the submissions from both parties, the tribunal concluded that the relief granted during the proceedings effecting the section 263 order negated the need for further adjudication, leading to the dismissal of the appeal.
The decision highlights important aspects of procedural adherence and the implications of non-addition in appeals related to unsecured loans under the Income Tax Act.
This summary provides an analytical review of the tribunal’s approach and the legal intricacies of the case. It serves as a significant reference for cases involving procedural dismissals and the impact of non-additional findings in tax assessments.
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