IN THE ITAT, DELHI BENCH
R.K. PANDA, A.M. & SUDHANSHU SRIVASTAVA, J.M.
DCIT v. Garg Acrylics Ltd.
I.T.A. Nos. 6834/Del/2014 & 4713/Del/2015
27 October, 2020
In favour of assessee.
Assessee by: Gautam Jain, Advocate & Ashwini Kumar, CA
Revenue by: A.K. Mishra, Sr. DR
R.K. Panda, A.M.
ITA No. 6834/Del/2014 filed by the Revenue is directed against the Order, dated 30-9-2014 of the Commissioner (Appeals)-15, New Delhi relating to assessment years 2011-12. ITA No. 4713/Del/2015 filed by the Revenue is directed against the Order, dated 15-5-2015 of the Commissioner (Appeals)-4, New Delhi relating to assessment years 2012-13.
2. Since common issues are involved in both these appeals, therefore, for the sake of convenience, these were heard together and are being disposed of by this common order.
ITA No. 6834/Del/2014 (Assessment Year 2011-12)
3. Facts of the case, in brief, are that the assessee is a company engaged in the business of manufacturing and trading of yarn and manufacturing and trading of garments. It filed its return of income on 29-9-2011 declaring the total income of Rs. 31,41,11,880. During the course of assessment proceedings, the assessing officer noted that the assessee company has introduced share capital and received the share application money of Rs. 20,17,00,000 from the following companies :--