M/s. Cityon Systems (India) Ltd. vs. ITO
Case No: ITA No. 488/Del/2017
Court: Income Tax Appellate Tribunal, Delhi Bench ‘B’, New Delhi
Date: 2/21/2025
Parties Involved
AppellantM/s. Cityon Systems (India) Ltd.
RespondentITO
Facts Summary
The assessee, M/s. Cityon Systems (India) Ltd., declared an income of Rs.2,52,280/- on 28.09.2011. The case was selected for scrutiny assessment and upon compliance of all requisite formalities, the assessment was finalized with additions of Rs.4,55,23,870/- on account of Short-term Capital Gain (STCG), Rs.3,04,66,000/- on account of unexplained cash deposits under section 68 of the Act, and Rs.95,16,955/- on account of disallowance of expenses claimed in Profit and Loss account due to non-produ…
Decision in favour of
Revenue
Legal Issues
- 1. Additions on account of Short Term Capital Gain (STCG)
- 2. Addition on account of disallowing expenses
1 more legal issue analysed in this judgement.