IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER)

AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER)

Assessment Year: 2008-09 Asst. Commissioner Of Income-Tax, M/s. Apollo Design Apparel Circle-6(1)(1),Mumbai Parks Limited

504, 5^th Floor, Aayakar Bhavan, Vs. 382,N.M.Joshi Marg, M K Road, Mumbai-400020. Chincpokli, Mumbai-400011 PAN NO. AAHCA 0613 R Appellant Respondent Assessee by : Ms. Dinkle Hariya Revenue by : DR. K. R. Subhash , Sr. DR Date of Hearing : 11/03/2025 Date of pronouncement : 25/04/2025

ORDER

PER OM PRAKASH KANT, AM This appeal by the Revenue is directed against order dated

30.09.2023 passed by the Ld. Commissioner of Income-tax (Appeals) – National Faceless Appeal Centre, Delhi [in short „the Ld.

CIT(A)‟] for assessment year 2008-09, raising following grounds:

1. “Whether on the facts and circumstance of the case and in law the Ld. CIT(A) erred in directing the Assessing Officer to delete the addition of Rs. 16,25,00,000/- made u/s. 68 of the I.T. Act, 1961, without appreciating the facts that assessee company failed to justify the transaction entered into by it and thereby issues its shares to the parties accepting Sha