Income Tax Officer, Ward -7(1) Vs. RJC Developers Pvt. Ltd.
Parties Involved
Facts Summary
The assessee, RJC Developers Pvt. Ltd., filed its return of income on 29.09.2012, declaring a total income of ₹28,174. The case was selected for scrutiny through Computer Assisted Scrutiny Selection (CASS). The assessee issued 16,400 equity shares of ₹10/- each at a premium of ₹1,240 to M/s Memori Sales Pvt Ltd, a sister concern. The Assessing Officer (AO) added ₹2,05,00,000/- as unexplained cash credit under section 68 due to the assessee's failure to satisfy the necessary ingredients of Section 68. However, the Commissioner of Income-tax (Appeals) (CIT(A)) allowed the assessee's appeal, deleting the addition after considering the assessee's reply and evidences. The CIT(A) relied on the remand report and the assessee's explanations to conclude that the addition was unjustified.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹2,05,00,000/- as unexplained cash credit u/s 68 by the AO is justified.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
3 precedents cited in this judgement.
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