Asst.Commissioner of Income Tax (Central Circle-2) Hyderabad Vs. M/s DNA Biotech Limited

Parties Involved

Facts Summary

A search and seizure action was conducted at the business premises of the assessee on 09/10/2007. Notice under section 153A of the Income Tax Act was issued to the assessee on 26/06/2008. The assessee filed its return of income for the impugned assessment year declaring Nil income. The Assessing Officer observed that the assessee had received share application money to the tune of Rs.4,90,42,941/- from three persons. The Assessing Officer made an addition of Rs.2,83,18,560/- under section 68 of the Act. The assessee filed an appeal before the Commissioner of Income Tax (Appeals) who allowed the appeal and deleted the addition made by the Assessing Officer.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in law in deleting the addition of Rs.2.83 crores made by the Assessing Officer under section 68 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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