SHEELA OVERSEAS PVT. LTD vs PR COMMISSIONER OF INCOME TAX, DELHI-08 & ANR.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgement delivered on: 28.05.2025 + ITA 546/2023 SHEELA OVERSEAS PRIVATE LIMITED ..... APPELLANT versus PR COMMISSIONER OF INCOME TAX DELHI-08 DELHI & ANR. ..... RESPONDENTS Advocates who appeared in this case For the Appellant : Mr Salil Kapoor, Mr Sumit Lalchandani, Mr Shivam Yadav, Ms Ananya Kapoor, Advocates. For the Respondent : Mr Sunil Kumar Agarwal, SSC, Mr Shivansh B Pandya, Mr Viplav Acharya, JSCs and Mr Utkarsh Tiwari, Advocate. CORAM: HON'BLE MR. JUSTICE VIBHU BAKHRU HON'BLE MR. JUSTICE TEJAS KARIA JUDGMENT VIBHU BAKHRU, J. 1. The appellant [Assessee] has filed the present appeal under Section 260A of the Income Tax Act, 1961 [the Act], inter alia, impugning the order dated 07.02.2023 [impugned order] passed by the learned Income Signature Not Verified Digitally Signed ITA No.546/2023 Page 1 of 11 By:TARUN RANA Signing Date:29.05.2025 18:13:26 Tax Appellate Tribunal [Tribunal] in ITA No.1430/Del/2020 in respect of Assessment Year [AY] 2015-16. 2. The Assessee had preferred the aforesaid appeal [ITA No.1430/Del/2020] impugning the order dated 31.01.2020 passed by the Commissioner of Income Tax (Appeals)-25 [CIT(A)] in an appeal preferred by the Assessee in respect of the assessment order dated 30.12.2017 passed by the Assessing Officer [AO] under Section 143(3) of the Act. 3. The present appeal was admitted on 24.11.2023 on the following questions of law: - “(i) Whether the Income Tax Appellate Tribunal [in short “Tribunal”] misdirected itself in fact and law in holding that Rs.27,50,000/-, received by the appellant/assessee from its director i.e. Mr Hitesh Bhatia, in the form of a loan, constituted unexplained credit/entry in his books of accounts and hence, liable for addition under Section 68 of the Income-tax A