Anjaniputra Dealcom Pvt. Ltd. vs. ITO Ward 1(1), Kolkata

Parties Involved

Facts Summary

The assessee company filed its return of income for the Assessment Year (AY) 2008-09 on 15.05.2008 by declaring total income of Rs. 190/-. The Assessing Officer (AO) noticed fresh subscription to the share capital to the extent of Rs. 2,90,25,000/- from 9 subscribers. A notice under section 148 of the Income Tax Act, 1961 was issued on 17.05.2010. The AO initiated an enquiry under section 133(6) of the Act. An assessment order was passed on 08.07.2010, determining the total income of the assessee at Rs. 7,200/- and raising a net tax liability of Rs. 2,166/-. The Principal Commissioner of Income Tax (PCIT) found the assessment order erroneous and prejudicial to the interest of the revenue. The Commissioner of Income Tax (Appeals) (CIT(A)) sustained the addition of Rs. 2,90,25,000/- under section 68 of the Act. The assessee appealed to the Income Tax Appellate Tribunal (ITAT), which was dismissed. The assessee then appealed to the ITAT again, raising multiple grounds, including the alleged addition made by the AO.…

Legal Issues

• 1. Whether the order of the Commissioner of Income Tax (Appeals) - NFAC is erroneous on facts and in law.
• 2. Whether the assessment order was antedated, time-barred, and non-existing in the eyes of the law.
• 3. Whether the addition of Rs. 2,90,25,000/- under section 68 of the Act was justified.
• 4. Whether the CIT(A) failed to consider the submissions filed during the appellate proceedings.

Judgment Outcome

Decided in favour of Assessee.

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