ITA No. 675/KOL/2023 (A.Y. 2012-2013) M/s. Winwood Marketing Pvt. Limited

Parties Involved

Facts Summary

The assessee, M/s. Winwood Marketing Pvt. Limited, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dated 11th May, 2023, for the Assessment Year 2012-13. The assessee's grievance revolves around the addition of Rs.4,79,44,500/- made by the Assessing Officer under section 68 of the Income Tax Act. The assessee claims that the addition was made without proper verification and without considering the evidence provided by the assessee. The assessee had received share capital amounting to Rs.8,30,000/- plus premium of Rs.4,71,14,500/- from ten share applicants. The assessee sought to adduce additional evidence to prove the identity of these share applicants. The Revenue argued that the assessee did not participate seriously in the hearing with the Assessing Officer and that the submissions were considered by the Commissioner of Income Tax (Appeals). The Tribunal allowed the assessee to produce additional evidence and considered the facts and circumstances of the case.…

Legal Issues

• 1. Whether the addition of Rs.4,79,44,500/- made by the Assessing Officer under section 68 of the Income Tax Act is sustainable?

Judgment Outcome

Decided in favour of Assessee.

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