ITA No.4055/Del/2024 Continental Construction Limited (AY: 2017-18)
Case No: ITA No.4055/Del/2024
Court: INCOME TAX APPELLATE TRIBUNAL “B” BENCH, DELHI
Date: 1/30/2026
Parties Involved
appellantDCIT, Circle-4(2)
respondentContinental Construction Limited
Facts Summary
The assessee, Continental Construction Limited, did not file a return of income for the Assessment Year 2017-18. Based on verification of TDS returns and other documents, a notice under section 148 was issued to the assessee. It was noticed that the assessee received interest income of Rs. 83,55,735/- and purchased a time deposit amounting to Rs. 5,55,75,080/- during the Financial Year 2016-17. The assessee neither filed a return nor complied with the instructions made via notices under section …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of renewed fixed deposits amounting to Rs. 5,55,75,080/- as unexplained investment under section 69 of the Income Tax Act, 1961, is sustainable.
Precedents Relied Upon
1 precedent cited in this judgement.