PRINCIPAL COMMISSIONER OF INCOME TAX-7 vs WGF FINANCIAL SERVICES PVT. LTD.

IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 25.02.2025 ITA 184/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-7 ..... Appellant Versus WGF FINANCIAL SERVICES PVT. LTD. ..... Respondent Advocates who appeared in this case: For the Appellant :Mr. Puneet Rai, Mr. Ashvini Kumar & Mr. Rishabh Nangia, Advs. For the Respondent : Ms. Shreya Jain and Mr. Gaurav Tanwar, Advocates CORAM HON’BLE MR JUSTICE VIBHU BAKHRU HON’BLE MS JUSTICE SWARANA KANTA SHARMA JUDGMENT VIBHU BAKHRU, J. 1. The Revenue has filed the present appeal impugning an order dated 10.03.2021 passed by the learned Income Tax Appellate Tribunal (hereafter the ITAT) in ITA No.8218/Del/2019 captioned WGF Financial Services Pvt. Ltd. v. ACIT. The said appeal was filed by the respondent (hereafter the Assessee) assailing an order dated 30.08.2019 16. 2. The Assessee had filed its return of income for the AY 2015-16 on 29.09.2015 declaring a loss of ₹43,61,059/-. However, thereafter, the Assessee filed a revised return on 29.03.2017 declaring a loss of ₹27,43,23,324/-. The Assessee’s return was picked up for scrutiny and the assessment proceedings culminated in an assessment order dated 29.12.2017 passed under Sec