ITA No.1643/Chny/2017

Parties Involved

Facts Summary

The assessee-company was incorporated on 17.07.2012. The company purchased a granite factory from M/s. SVG Exports P. Ltd. The share capital issued, subscribed, and fully paid as per the balance sheet is Rs. 10,26,00,000/-. The Assessing Officer (A.O) made an addition of Rs. 10,26,00,000/- on share capital under section 68. The Commissioner of Income Tax (Appeals) (CIT(A)) deleted the addition, which led to the appeal by the Revenue.…

Legal Issues

• 1. Whether the order of the CIT(A) is opposed to law on the facts and in the circumstances of the case.
• 2. Whether the CIT(A) has erred in holding that the Assessing Officer did not cast any doubt regarding the source of funds.
• 3. Whether the CIT(A) ought to have sustained the addition made by the Assessing Officer.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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