Balvinder Kumar Nanda, Delhi Pr, CIT-16, New Delhi

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: ‘A’ NEW DELHI

BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER
&
SHRI K.N. CHARY, JUDICIAL MEMBER
ITA No.-485/Del/2020
 (Assessment Year: 2015-16)

Balvinder Kumar
686, Old Lajpat Rai Market,
Delhi.
PAN No. AABPN9884E
Appellant 

Vs.

Pr. CIT-16
Drum Shape Building,
I.P. Estate,
New Delhi.
Respondent

Assessee by Shri Rakesh Gupta, Adv.
Revenue by ShrinSatpal Gulati, CIT DR

Date of hearing: 02.12.2020
Date of Pronouncement : 10.12.2020

ORDER

PER K. NARASIMHA CHARY, JM

Aggrieved by the order dated 20/12/2019 under section 263 of theIncome Tax Act, 1961 (for short “the Act”) passed by the principalCommissioner of Income Tax-16, New Delhi (“Ld. PCIT”) in the case of Sh. Balvinder Kumar Nanda (“the assessee”) for the assessment year 2015-16, the assessee filed this appeal.

2. Brief facts of the case are that the assessee is an individual and engagedin the business of purchasing the sales of electronics components. He has filedhis return of income on 18.08.2015, declaring total income of Rs. 5,07,98,490/-. The return was processed u/s 143(1) of the Act, and thereafter, it was selectedfor limited scrutiny through CASS on the issue of “increase in capital". Notice u/s143(2) of the Act was issued on 19.09.2016, assessee entered appearance andduring the course of hearing, the assessee was required to explain substantial increase in the capital account. Requisite details were filed by the assessee.Vide order dated 16/8/2017, as could be seen from the impugned order, theincome of the assessee was assessed at a total income of Rs. 5,07,98.490/- asshown in the returned income, observing that no discrepancy was found on the issue under consideration.

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