Principal Commissioner Of Income Tax-7 v. Rancure Investment Pvt. Ltd

$~4 *IN THE HIGH COURT OF DELHI AT NEW DELHI+ITA 564/2017 PRINCIPAL COMMISSIONER OF INCOME TAX-7..... AppellantThrough:Mr.RahulChaudhary,SeniorStanding Counsel. versus RANCURE INVESTMENT PVT. LTD...... RespondentThrough:Mr. Avinash Chaurasia, Advocate. CORAM:JUSTICE S.MURALIDHARJUSTICE PRATHIBA M. SINGH O R D E R%01.09.2017 1. This is an appeal by the Revenue against the order dated 30[th]December,2016 passed by the Income Tax Appellate Tribunal (‘ITAT’) in ITANo.6099/Del/2013 for the Assessment Year (‘AY’) 2009-10. 2. The question urged by the Revenue is that whether the ITAT has erred, inconcurring with the Commissioner of Income Tax (Appeals) [‘CIT(A)’] inholding that the addition of Rs.5,20 crores made by the Assessing Officer(‘AO’) under Section 68 of the Income Tax Act, 1961 (‘the Act’) should bedeleted. 3. Having heard the learned Senior Standing Counsel for the Revenue andhaving perused the orders of the AO, the CIT (A) and the ITAT, this Courtfinds that a detailed analysis has been undertaken both by the CIT (A) and the ITAT of the materials placed on record. It has been concurrently heldthat the Assessee has discharged its burden of proving the identity andcreditworthiness of the creditors and the genuineness of the transactions. 4. The Court is, therefore, not persuaded that the order of the ITAT suffersfrom perversity so as to warrant interference. No substantial question of lawarises. 5. The appeal is dismissed. S. MURALIDHAR, J. SEPTEMBER 01, 2017dk PRATHIBA M. SINGH, J.