ACIT (OSD) vs. M/s Gemco Energy Ltd.

Parties Involved

Facts Summary

The assessee, M/s Gemco Energy Ltd., is a private limited company engaged in the production of electricity from biomass and renewable energy projects. The case pertains to the verification of share capital and unsecured loans received in AYs 2014-15 and 2015-16. The Assessing Officer made additions under sections 68 and 56 of the Income-tax Act, 1961. The First Appellate Authority (CIT(A)) deleted certain additions based on the assessee's explanations and evidence provided.…

Legal Issues

• 1. Addition of Rs.5,85,00,000/- u/s 68 and Rs.1,12,49,998/- u/s 56 in AY: 2015-16
• 2. Addition of Rs.705,93,467/- u/s 68 in AY: 2014-15

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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