CYGNUS INFRABUILD PRIVATE LIMITED Vs ITO, WARD 3(4), NEW DELHI
Case No: ITA No. 3181/Del/2016 (AY 2011-12)
Court: INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’, NEW DELHI
Date: 1/21/2026
Parties Involved
appellantCYGNUS INFRABUILD PRIVATE LIMITED
respondentITO, WARD 3(4), NEW DELHI
Facts Summary
The assessee, Cygnus Infrabuild Private Limited, filed an E-return of income on 29-09-2011 declaring income of Rs. 5,43,358/-. The case was selected for scrutiny through CASS, and a statutory notice under section 143(2) of the Income Tax Act 1961 was issued. The Assessing Officer completed the assessment and assessed the income at Rs. 88,73,433/-, making additions of Rs. 9,80,075/- on estimated income of 5% on its receipts and unexplained share capital and share premium of Rs. 73,50,000/-. Aggri…
Decision in favour of
Assessee
Legal Issues
- 1. Disallowances of INR 73,50,000/- under section 68 of the Act, being aggregate amount of share capital & share premium received by the Appellant.
- 2. Failure of the CIT(A) to appreciate the submission made by the appellant with relevant documents.
6 more legal issues analysed in this judgement.
Precedents Relied Upon
2 precedents cited in this judgement.