DCIT vs. PCJ Finvest Private Limited
Case No: ITA No.1301/KOL/2023
Court: INCOME TAX APPELLATE TRIBUNAL “C” BENCH, KOLKATA
Date: 3/28/2025
Parties Involved
appellantDCIT
respondentPCJ Finvest Private Limited
Facts Summary
The assessee, PCJ Finvest Private Limited, filed its return of income for the assessment year 2008-09 declaring a total income of ₹16,889/-. The original assessment was framed under sections 147/143(3) of the Act, determining the total income at ₹1,02,610/-, which was later rectified to ₹1,23,627/-. The Principal Commissioner of Income Tax observed that the assessee had received share capital/share premium amounting to ₹25,56,00,000/- during the financial year 2007-08. The Assessing Officer (AO)…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the addition of ₹25,56,00,000/- as share capital/share premium under section 68 of the Act was justified.
Precedents Relied Upon
22 precedents cited in this judgement.