IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRISANJAY AWASTHI, ACCOUNTANT MEMBER आ.अ.स/ं .I.T.A No.2752/Del/2025 िनधा(cid:9)रणवष(cid:9)/Assessment Year:2012-13 CHARANBIR SINGH SETHI, बनाम ACIT, AR-717, THE ARALIAS, Vs. Central Circle-19, DLF GOLF LINKS, Gurgaon, ARA Centre, Jhandewalan, HARYANA 122009 New Delhi.

PAN No.AASPS9437K अपीलाथ(cid:20) Appellant (cid:22)(cid:23)यथ(cid:20)/Respondent Assessee by Shri Amarjit Singh, CA Revenue by Shri Rajesh Kumar Dhanesta, Sr. DR सुनवाईक(cid:8)तारीख/ Date of hearing: 23.03.2026 उ(cid:14)ोषणाक(cid:8)तारीख/Pronouncement on 25.03.2026 आदेश /O R D E R PER SANJAY AWASTHI, ACCOUNTANT MEMBER:

1. This appeal arises from order dated 27.02.2025, passed u/s 250 of the Income Tax Act, 1961 (hereafter as “the Act”) by Ld. CIT(A)-27, Delhi.

1.1 In this case, right at the outset, the Ld. AR pointed out that the assessee was part of proceedings before NCLT, where he was discharged of all liabilities as a Personal Guarantor (PG) vide NCLT’s order dated 15.12.2025. The Ld. AR read out from page 15 of the said order and brought to our attention the findings in para 33 of this order, where