Income Tax Officer, Ward 4(2) Vs. Panel Commerce Pvt. ltd.
Case No: ITA No.1292/KOL/2023 & CO No. 01/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL “ C” BENCH, KOLKATA
Date: 3/4/2025
Parties Involved
appellantIncome Tax Officer, Ward 4(2)
respondentPanel Commerce Pvt. ltd.
Facts Summary
The assessee, Panel Commerce Pvt. Ltd., is engaged in the business of trading in equity shares and finances. The assessee filed its return of income for the assessment year 2013-14 declaring a total income of ₹27,180/-. The Assessing Officer (AO) received information indicating that the assessee had transacted with a shell company, M/s Brahma Tradelinks Pvt. Ltd., which lacked real business activity. The AO noted that the transactions' genuineness and the identity and creditworthiness of the par…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Deletion of ₹4.94 crores addition by the CIT(A) on account of unexplained cash credit.
Precedents Relied Upon
5 precedents cited in this judgement.