Kamalkunj Commercial Pvt. Ltd. v. ITO, Ward-9(4), Kolkata

Parties Involved

Facts Summary

Kamalkunj Commercial Pvt. Ltd. filed an appeal against the order of the Commissioner of Income Tax (Appeals) for the Assessment Year 2014-15. The assessee contested the addition of Rs. 36,98,855/- as unexplained investment for the purchase of a property and the disallowance of expenses of Rs. 8,100/- under section 14A of the Income Tax Act, 1961. The assessee had filed its return of income declaring a total income of ₹1,090/-. After scrutiny, the Assessing Officer determined the total income at ₹10,53,05,620/- by making various additions. The assessee appealed to the Commissioner of Income Tax (Appeals), who partly allowed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of Rs. 36,98,855/- as unexplained investment for the purchase of property is justified?
• 2. Whether the disallowance of expenses of Rs. 8,100/- under section 14A of the Income Tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• DCIT, Circle-16(1), New Delhi vs M/s. Mahatta Towers Pvt.Ltd.

  Delhi bench

• Ambuja Neotia Hotel Ventures Ltd. vs. DCIT, Circle 8(1)

  Kolkata Bench benchAY 2014-15Partly Allowed

• Windston Springs Private Limited Vs. Dy. Commissioner Of Income Tax-8(3)(2)

• Raman Gupta vs. Deputy Commissioner of Income Tax

  Delhi Bench 'F', Delhi benchAY 2014-15Allowed

• Rajender Raghuvanshi vs Income Tax Officer

  Delhi bench

• Century Commotrade Pvt. Limited

  Kolkata Bench benchAY 2013-2014Partly Allowed