Forum Viniyog Pvt. Ltd. Vs. ITO, Ward-8(2), Kolkata

Parties Involved

Facts Summary

The assessee, Forum Viniyog Pvt. Ltd., filed its return of income for AY 2012-13 on 29.09.2012 declaring ‘NIL’ income. The return was processed under section 143(1) of the Income Tax Act, 1961 by the Central Processing Centre (CPC). Based on information received from the Directorate of Investigation (DDIT), Kolkata, the Assessing Officer (AO) found that the assessee company had received funds amounting to ₹5,41,00,000/- from a bank account maintained with ICICI Bank held in the name of M/s. Forum Real Estate Pvt. Ltd. Consequently, the assessment was made under sections 143(3) read with 147 of the Act on 18.12.2019, determining the total income of ₹5,41,00,000/- and making an addition of ₹5,41,00,000/- under section 68 of the Act for the share application money received by the assessee from M/s. Forum Real Estates Pvt. Ltd. Aggrieved by the assessment order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals)-NFAC, Delhi (CIT(A)), who dismissed the appeal ex-parte due to non-compliance by the assessee. The assessee then filed an appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the CIT(A) was justified in dismissing the appeal ex-parte.
• 2. Whether the addition of ₹5,41,00,000/- under section 68 of the Act was justified.

Judgment Outcome

Decided in favour of Assessee.

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