IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER AND SHRI MANISH AGARWAL, ACCOUNTANT MEMBER ITA No.2793/Del/2025 (ASSESSMENT YEAR 2013-14)

M/s Fairdeal Information Income Tax Officer, Technology Private Limited, Ward-9(1), 116A, First Floor, Somdutt Vs. New Delhi.

Chamber-1, 5, Bhikaji Cama Place, New Delhi-110066.

PAN-AAACF9581G (Appellant) (Respondent)

Assessee by Shri Ashwani Kumar, CA and Shri Ankur Agarwal, CA Department by Ms. Indu Bala Saini, Sr. DR Date of Hearing 20/01/2026 Date of Pronouncement 13/02/2026

O R D E R

PER MANISH AGARWAL, AM:

This appeal is filed by the Assessee against the order of Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 27.03.2025 in Appeal No. NFAC/2012-13/10259473 passed u/s 250 of the Income Tax Act, 1961 (‘the Act’) arising out of the assessment order dated 22.05.2023 passed u/s 147 r.w.s. 144B of the Act for Assessment Year 2013-14.

2. Brief facts of the case are that assessee filed its return of income on 29.09.2013, declaring total income of Rs.5,81,730/-. The case of the assessee was re-opened u/s 147 by way of issue of notice u/s 148 of the Act on 20.04.2021. However, in terms of the Hon’ble Supreme Court in the case of Union of India & Ors. vs. Ashish Agarwal [2022] 444 ITR 1 (SC), the said notice was considered as issued u/s 148A of the Act and information available was supplied to the assessee. After considering the submissions of the assessee, order u/s 148A(d) of the Act was passed wherein it is alleged that assessee has received deposits in the bank account to the extent of Rs.13,58,00,000/- which remained unexplained. Thereafter, the assessment order was passed u/s 147 r.w.s. 144B of the Act dated 22.05.2023 by making addition of Rs.13,58,00,000/- u/s 68 of Act.

3. Against the said order, assessee preferred an appeal before Ld. CIT(A) who allowed part relief to the assessee and deleted the additions of Rs.1,58,00,000/- on account of loans received, however, confirmed the additions of Rs.12,00,00,000/- being amount received as consideration from the sale of shares owned by assessee by holding the same as unexplained cash credit.

4. Aggrieved by the said order, assessee filed the present appeal before the Tribunal by taking following grounds of appeal:

1. “That the order dated 27.03.2025 passed u/s 250 of the Income -tax Act, 1961 (hereinafter called the "Act") by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he has not justified to uphold the action of the Ld. Assessing Officer, Income Tax Department, NFAC in resorting to reassessment proceeding and issuing notice u/s 148 of the Act as being bad in law.

2. That the order dated 27.03.2025 passed u/s 250 of the Act by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Ld. Assessing Officer, Income Tax Department, NFAC in restricting the addition of Rs. 12,00,00,000/- received from various concerns by treating the same as unexplained credit u/s 68 r.w.s 115BBE of the Act on the ground that the Appellant Company had failed to submit the genuineness of the transaction.

3. That the order dated 27.03.2025 passed u/s 250 of the Act by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Ld. Assessing Officer, Income Tax Department, NFAC in passing the order without giving an opportunity of being heard to the Appellant company in violation of the principles of natural justice as the Ld. Assessing Officer has neither disposed of the adjournment application nor granted any further time to the Appellant Company to reply the show cause notice.

4. That the Appellant craves to add, amend, alter