Horizon Buildmart Pvt. Ltd. vs. ACIT
Parties Involved
Facts Summary
The assessee, Horizon Buildmart Pvt. Ltd., a private limited company engaged in real estate, filed its return of income for the assessment year 2011-12 declaring a loss. The Assessing Officer (AO) received information that the assessee had received a loan from M/s Grand Realcon Private Limited, which was allegedly a paper company providing accommodation entries. Consequently, the AO made an addition of Rs. 8.35 crores towards the loan received. The assessee appealed against this order before the Commissioner of Income Tax (Appeals) who dismissed the appeal. The assessee then filed an appeal before the Tribunal on various grounds, including the legality of the reopening of the assessment and the validity of the addition made by the AO.…
Decision in favour of
Assessee
Legal Issues
- 1. Legality of the reopening of the assessment under section 147 of the Income Tax Act.
- 2. Validity of the addition of Rs. 8.35 crores made by the AO under section 68 of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
10 precedents cited in this judgement.
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OtherITA No. 1061/DEL/2026