ITO, Ward-2(1), Kolkata Vs. Infinity Housing Projects Pvt. Ltd.
Parties Involved
Facts Summary
The assessee, Infinity Housing Projects Pvt. Ltd., filed a return of income on 05.09.2013 declaring total income at nil. The Assessing Officer (AO) reopened the assessment based on information from ADIT(Inv.) Unit-1(3), Kolkata, indicating that the assessee company was a beneficiary of accommodation entries amounting to Rs. 43,16,35,640/- in its ICICI Bank account. The AO issued notices and treated the unsecured loans as unexplained cash credit. In the appellate proceedings, the Learned Commissioner of Income Tax (Appeals)-NFAC, Delhi (Ld. CIT(A)) allowed the assessee's appeal, holding that the unsecured loans were from the holding company and other related entities, and the assessee had discharged its onus under section 68 of the Income Tax Act, 1961.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the addition of Rs. 43,16,35,640/- by the AO under section 68 for unsecured loans taken by the assessee.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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