BKC Dwellings Private Limited vs. Income Tax Officer-5(1)(1)

Parties Involved

Facts Summary

The Assessee, BKC Dwellings Private Limited, filed a return of income for the Assessment Year 2018-19 declaring 'Nil' income. The Assessing Officer noted that the Assessee had received INR.18,37,68,000/- on account of subscription of capital from Tracstar Investment Private Limited. Treating the aforesaid amount as unexplained cash credit in the books of account of the Assessee, the Assessing Officer made an addition of INR.18,37,68,000/- in the hands of the Assessee under Section 68 of the Income Tax Act, 1961. In appeal preferred by the Assessee, the Commissioner of Income Tax (Appeals) deleted the above addition vide order, dated 05/06/2024. Being aggrieved by the above order passed by the CIT(A), the Revenue has preferred the present appeal before the Tribunal.…

Legal Issues

• 1. Whether the Ld. CIT(A) erred in deleting the addition u/s 68 of the Act for Rs. 18,37,68,000/- and levy of tax u/s 115BBE vide u/s 143(3) of the Act.
• 2. Whether the Ld. CIT(A) erred in deleting the addition by accepting additional evidence submitted by the assessee during appellate proceedings which was not submitted during the assessment proceedings.
• 3. Whether the Ld. CIT(A) erred in deleting the addition made on the basis of assessee's submission but without giving opportunity to the AO as per sub-rule (3) of rule 46A of IT rules 1962 by calling for remand report.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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