Dy. Commissioner of Income Tax, CC 1(1), Kolkata Vs. Axis Overseas Limited

Parties Involved

Facts Summary

The case involves an appeal by the Revenue against the order of the Commissioner of Income-tax (Appeals), Kolkata, for the Assessment Year 2013-14. The Revenue challenged several additions made by the Assessing Officer (AO) which were subsequently deleted by the Commissioner of Income-tax (Appeals). The AO had made additions based on unsecured loans, purchases of raw jute, sales of shares/securities of unlisted companies, and disallowance under section 40A(3) of the Act. The assessee, Axis Overseas Limited, provided evidence and explanations to counter these additions, which were considered by the Commissioner of Income-tax (Appeals) and subsequently by the Tribunal.…

Legal Issues

• 1. Deletion of addition of ₹8,07,00,000/- by the learned CIT (A) as made by the learned AO on account of unsecured loans taken by the assessee during the year.
• 2. Deletion of addition of ₹3,13,83,298/- being 10% of the total purchases.
• 3. Deletion of addition of ₹9,20,00,000/- by the learned CIT (A) as made by the learned AO on account of share and securities of unlisted companies.
• 4. Deletion of addition of ₹82,00,861/- as made by the learned AO u/s40A(3) of the Act.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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