Homerick Build Pvt. Ltd. vs Income Tax Officer

Parties Involved

Facts Summary

The Assessee, Homerick Build Pvt. Ltd., filed a return of income for the Assessment Year 2015-2016 declaring a loss of INR.2,519/-. Following reassessment proceedings, the Assessing Officer made additions of INR.46,82,870/- and INR.75,64,838/- under Section 147 and Section 68 of the Income Tax Act, 1961, respectively. The Assessee appealed against the order passed by the National Faceless Appeal Centre (NFAC), Delhi, which dismissed the appeal. The Assessee argued that the additions were erroneous and amounted to double taxation. The Tribunal reviewed the material on record and found that the Assessee had earned profits through legitimate trading activities on the Bombay Stock Exchange (BSE). The Tribunal deleted the additions made by the Assessing Officer.…

Legal Issues

• 1. Whether the addition of INR.75,64,838/- under Section 68 of the Act is justified?
• 2. Whether the addition of INR.1,51,297/- under Section 69C of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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