Jiwan Abasan Pvt. Ltd. Vs. ITO, Ward-12(2), Kolkata
Parties Involved
Facts Summary
The assessee, Jiwan Abasan Pvt. Ltd., deals in the business of investment in shares and securities. For the assessment year 2016-17, the assessee filed its original income tax return declaring total income as 'Nil'. The case was selected for scrutiny, and the assessee was asked to produce and submit certain details to substantiate its return of income. Despite notices, the assessee did not comply but later submitted documents through mail. The Assessing Officer (AO) found discrepancies and added Rs. 32,72,986/- as interest on loan and advance, Rs. 59,838/- as non-verified short-term loan, and disallowed Rs. 50,040/- under section 14A read with Rule 8D. Aggrieved by this order, the assessee appealed to the Commissioner of Income Tax (Appeals)- NFAC, Delhi, which was dismissed. The assessee then filed the present appeal before the ITAT.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the AO should have admitted the additional evidence submitted by the assessee.
- 2. Disallowance of Rs. 5,00,410/- under Section 14A read with Rule 8D(2).
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
4 precedents cited in this judgement.
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