Goodwill Tracon Pvt. Ltd. vs. ITO, Ward -11(1), Kolkata
Parties Involved
Facts Summary
The assessee, Goodwill Tracon Pvt. Ltd., filed its original return of income for the assessment year 2012-13 declaring a total income of Rs.8,590/-. The return was selected for scrutiny, and notices under sections 143(2) and 142(1) of the Income-tax Act, 1961, were issued. In response, the assessee provided details supporting unexplained share capital. The Assessing Officer found that the company had received share capital money of Rs.5,03,65,960/-. The director failed to comply with the notice issued under section 131 of the Act, leading the Assessing Officer to assess the income of the assessee at Rs.5,03,74,550/-. The assessee appealed this order before the Commissioner of Income-tax (Appeals) [CIT(A)], which was dismissed. Dissatisfied, the assessee filed an appeal before the Income Tax Appellate Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.5,03,65,960/- as unexplained cash credit by the Assessing Officer was correct.
Judgment Outcome
Decided in favour of Assessee.
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