Aashirwad Vincom Pvt. Ltd vs. ITO, Ward-9(1), Kolkata

Parties Involved

Facts Summary

The assessee, Aashirwad Vincom Pvt. Ltd, filed a return of income for the assessment year 2012-13 declaring a total loss of Rs.5,11,731/-. The case was selected for scrutiny due to large interest expenses relatable to exempt investment under section 14A, large value commodity exchange transactions, and low net profit or loss shown from large gross receipts. Notices under sections 143(2) & 142(1) of the Income-tax Act, 1961 were issued. The Assessing Officer found that the assessee company had raised share capital of Rs.14,97,00,000/- during the financial year and debited Rs.17,22,211/- as late payment charges. Due to the assessee's inability to provide clarification regarding the increase in share capital, the Assessing Officer added Rs.14,97,00,000/- under section 68 of the Act to the income of the assessee.…

Legal Issues

• 1. Whether the appeal of the assessee should be restored to the file of the CIT(A) for fresh consideration.

Judgment Outcome

Decided in favour of Assessee.

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