Dy. CIT v. Gireesh Infrastructure Private Limited
Parties Involved
Facts Summary
The assessee company, Gireesh Infrastructure Private Limited, is engaged in the business of public transport services and transport infrastructure development in the East of India. The company filed its return of income for the Assessment Year 2013-14 declaring a total loss of Rs. 4,53,91,437/-. The case was selected for scrutiny, and during the assessment proceedings, the Assessing Officer noticed that the assessee received unsecured loans from Vartha Broadcasting Ltd, Spoorthy Marketing (P) Ltd, and Gaurav Sanghi. The Assessing Officer made an addition of Rs. 3,81,71,598/- under section 68 of the Income Tax Act, 1961, which the assessee appealed against. The Commissioner of Income Tax (Appeals) deleted the addition, and the Revenue is now in appeal before the Tribunal.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the additions made by the Assessing Officer under section 68 of the Income Tax Act, 1961, are justified.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
2 precedents cited in this judgement.
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Pune bench