Colour Creation Pvt. Ltd. Vs. Assistant Commissioner of Income Tax
Case No: ITA No.2418/Del/2025
Court: Income Tax Appellate Tribunal, Delhi Benches ‘A’
Date: 1/21/2026
Parties Involved
appellantColour Creation Pvt. Ltd.
respondentAssistant Commissioner of Income Tax
Facts Summary
The assessee, Colour Creation Pvt. Ltd., filed its return of income for assessment year 2017-18 declaring a loss. The case was selected for scrutiny, and notices under sections 143(2) and 142(1) were served. The assessing officer issued a show cause notice regarding the valuation of equity shares and share premium. The assessee submitted a valuation report and audited balance sheet. The assessing officer disallowed a difference of Rs. 0.23 per share and added Rs. 3,22,000 to the return of income…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the order passed by the learned CIT (Appeals) is bad in the eye of law and on the facts.
- 2. Whether the learned CIT (Appeals) erred in passing the order without giving the assessee a proper and adequate opportunity of being heard.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
2 precedents cited in this judgement.