In case of credits in the name of third parties, it is the duty of the assessee to prove the identity of credits

IN THE INCOME TAX APPELLATE TRIBUNAL
(DELHI BENCH: ‘F’: NEW DELHI)
(Through Video Conference)
BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER
AND
SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER
ITA No:- 3764/Del/2018
(Assessment Year: 2015-16)

DCIT,
Central Circle,
Noida.

vs

YPT Entertainment House P. Ltd.,
Patiala.

Assessee By : Shri Ashish Goel, CA
Revenue By : Shri Jaspreet Singh Minhas, CIT(DR)

This appeal by Revenue and Cross Objection by Assessee are filed against the impugned order of Learned Commissioner of Income Tax (Appeals)-IV, Kanpur, [“Ld. CIT(A)”, for short], dated 07.02.2018 for Assessment Year 2015-16.

2. We first take up the appeal filed by Revenue. At the outset, it was brought to our notice at the time of hearing by Learned Commissioner of Income Tax ( Departmental Representative) [“Ld. CIT(DR)”, for short] the tax effect in the Departmental Appeal is below Rs. 50,00,000/-. He also drew our attention to calculation of tax effect as per computation made by the assessee’s side, showing tax effect at Rs. 45,78,467/-.

3. Now we take up the Cross Objection filed by the assessee. AT the time of hearing before us, Ld. CIT(DR) for Revenue submitted that the Cross Objection filed by the assessee would became infructuous if Revenue’s appeal was dismissed. The Ld. AR for Assessee agreed with the submission of the Ld. CIT(DR). Both sides were in agreement, at the time of hearing before us; that the assessee’s Cross Objection deserved to be dismissed (being infructuous), if Revenue’s appeal was dismissed. In view of the foregoing, and as we have already dismissed Revenue’s appeal; we hereby dismiss assessee’s Cross Objection, being infructuous.

4. In the result, the appeal by Revenue and the Cross Objection filed by the Assessee; both are dismissed. Our decision was orally pronounced in the Open Court in the presence of representatives of both sides, after conclusion of hearing on 1st September, 2021. Now, this written order is signed today on 02/09/2021.

Please find attached the enclosed file for the full judgement