Goldmine Commodities Pvt. Ltd. Vs. PCIT

Parties Involved

Facts Summary

The assessee filed its return of income on 05/10/2016 declaring total income of Rs. 3,26,60,820/-. The case was selected for scrutiny and assessment was completed under section 143(3) on 15/12/2018. During assessment proceedings, the Assessing Officer noted that the assessee had issued 6,00,000 equity shares of Rs. 10 each at a premium of Rs. 180 per share. After considering submissions, the Assessing Officer made addition of Rs. 6,58,62,000/- on account of share capital/share premium under section 56(2)(viib) of the Act and raised a demand of Rs. 2,89,54,211/-. Aggrieved, the assessee carried the matter before the CIT(A). The CIT(A) by order dated 25/04/2024 confirmed the additions. Being further aggrieved, the assessee has filed the present appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The Form No. 36 filed by the assessee names as many as 30–35 'respondents/defendants' including Union of India, CBDT, Ministry of Corporate Affairs, and various individual officers, which is not permissible under section 253 of the Act.
• 2. The Statement of Facts runs into several pages containing verbose and unintelligible narrative couched in Latin maxims and allegations of conspiracy, contempt, and fraud against public servants.
• 3. The Grounds of Appeal filed are sprawling (more than 30 in number), highly argumentative, and unintelligible. They do not specifically raise any grievance against the order of the CIT(A) confirming the addition on account of share capital/share premium.
• 4. Issues relating to constitutional validity, conspiracy, contempt of court, defamation, or damages are far beyond the scope of Tribunal’s jurisdiction.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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