IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER AND SHRI MANISH AGARWAL, ACCOUNTANT MEMBER ITA No.1899/Del/2024 (ASSESSMENT YEAR 2016-17)

The PCIT, SVR Creations Pvt. Ltd., Delhi-7, B-495, Sarita Vihar, Vs. New Delhi.

Delhi-110076.

PAN-AAJCS6326D (Appellant) (Respondent)

Assessee by Shri Sachin Jain, Adv.

Department by Ms. Jaya Chaudhary, CIT-DR Date of Hearing 13/02/2025 Date of Pronouncement 05/03/2025

O R D E R

PER MANISH AGARWAL, AM:

This is appeal filed by the Assessee against the order of Learned Principal Commissioner of Income Tax, Delhi-7, in Revision No. PCIT, Delhi-7/Revision-263/1000000637514/2023 dated 15/03/2024 for Assessment Year 2016-17.

2. The brief facts of the case are that assessee case was reopened by way of issue of notice and the reassessment order was passed vide order dated 30/03/2022 accepting the income declared by the assessee. Thereafter, the proceedings u/s 263 of the Act were initiated by Ld. PCIT and a direction was given to modifying the assessment order after making proper enquiries in particular with respect to the accommodation entry of Rs.30,00,000/- from M/s Upaj Leasing & Finance Co. (P) Lt