Desert Infraspace Ltd. vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Desert Infraspace Ltd., filed an appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13. The assessee had filed its income return on 29.09.2012, declaring a total income of Rs.1,03,146/-. The assessment was completed on 21.01.2015 at a total income of Rs.80,57,150/-. The Assessing Officer (AO) made additions in respect of unexplained share capital, unaccounted unsecured loan, unexplained investment, and unsubstantiated expenses. The assessee filed an appeal before the First Appellate Authority, which was dismissed. The initial appeal filed before the Tribunal was also dismissed. The assessee further appealed to the Hon’ble Gujarat High Court, which remanded the matter back to the Tribunal with directions to deposit a cost of Rs.25,000/-. The assessee deposited the challan on 09.08.2024.…

Legal Issues

• 1. Addition of Rs.25,00,000/- on account of share capital.
• 2. Addition of Rs.5,00,000/- on account of unexplained unsecured loan.
• 3. Addition of Rs.36,00,000/- u/s. 69 of the Act.
• 4. Disallowance of various expenses to the extent of Rs.13,54,000/-

Judgment Outcome

Decided in favour of Assessee.

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