DCIT, Kolkata v. SDR Meghnath Investments Private Limited

Parties Involved

Facts Summary

The case involves an appeal by the Department against the order of the Commissioner of Income-tax (Appeals)-21, Kolkata, which set aside the order of the Assessing Officer treating the entire amount raised on account of the share capital along with the premium as unexplained money. The assessee, SDR Meghnath Investments Private Limited, an investment company, had received share applications amounting to Rs. 8,75,00,000/- from various share applicants. The Assessing Officer treated the entire amount as unexplained money, which was challenged by the assessee before the Commissioner of Income-tax (Appeals) who allowed the appeal. The Department then filed an appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in deleting the addition of Rs. 875,00,000/- made by the Assessing Officer on account of Share Capital/Share Premium treating as Unexplained Credits u/s 68 of the IT Act, 1961.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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