COMMISSIONER INCOME TAX Vs. NIPUAN AUTO PVT LTD

JUDGEMENT

(1.) This appeal by the revenue is directed against the order dated 28.12.2012 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No. 1493/2012 pertaining to the assessment year 2006-07.

(2.) The Assessing Officer had made the additions of Rs. 37,75,465/- and Rs. 30,41,000/- under Section 68 of the Income Tax Act, 1961 on account of alleged unexplained investment and alleged unexplained cash credits which were shown as share application money received by the assessee, respectively.

(3.) The assessee went up in appeal before the Commissioner of Income-tax (Appeals) who had substantially allowed the appeal of the assessee. In so far as the addition of Rs. 37,75,465/- is concerned, the CIT (Appeals) deleted the addition to the extent of Rs. 35,85,465/- which was essentially the unsecured loan received from Mr Alok Aggarwal. In so far as the loans and advances received from Smt Sadhna Aggarwal to the extent of Rs. 1,90,000/- (Rs. 1,50,000 plus Rs. 40,000/-) was concerned, the Commissioner of Income-tax concurred with the Assessing Officer that the same had not been explained. Therefore, to that extent (i.e., to the extent of Rs. 1,90,000/-) the Commissioner of Income-tax (Appeals) confirmed the addition. However, with regard to the amount advanced by Mr Alok Aggarwal, to the extent of Rs. 35,85,465/-, the Commissioner of Income-tax (Appeals) deleted the same.