LSC Infratech Ltd Vs. DCIT

Parties Involved

Facts Summary

LSC Infratech Ltd filed an appeal against the order of the Commissioner of Income Tax (Appeals) in Appeal No. ITBA/APL/S/250/2023-24/1051944847(1) dated 10.04.2023. The assessee challenged the additions made by the Assessing Officer under sections 68, 56(2)(viib), and others of the Income-tax Act, 1961. The assessee provided detailed explanations and documentary evidence to support its claims. The Income Tax Appellate Tribunal reviewed the case and found that the Commissioner of Income Tax (Appeals) had erred in upholding the additions without proper verification of the assessee's submissions and documents.…

Legal Issues

• 1. Addition of Rs. 68 under section 68 of the Act in respect of share capital and share application money.
• 2. Addition of Rs. 11,10,578/- under section 56(2)(viib) of the Act on account of share premium.
• 3. Addition of Rs. 27,59,01,507/- on account of increase in unsecured loans.
• 4. Addition of Rs. 15,45,87,583/- on account of increase in trade payables and advances from customers.
• 5. Addition of Rs. 10,33,32,712/- on account of rejection of books of accounts.

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Vidya Buildcon Private Ltd. vs. ITO-8(3)(3)

• Rivet Health Club Pvt. Ltd. Vs ITO Ward-2(2) Faridabad

• Goldmine Commodities Pvt. Ltd. Vs. PCIT

  Ahmedabad bench

• DCIT Vs. Goldmine Commodities Pvt. Ltd.

  Ahmedabad bench

• Refiral Solutions Pvt. Ltd. Vs Income Tax Officer, Ward-3(5), Gurgaon

• M/s Krian Cinema Banquets Pvt Ltd vs The ACIT 10(1)(2), Mumbai

  Mumbai Bench 'E', Mumbai benchAY 2016-17Allowed