M/s. Emerald Properties Pvt. Ltd. (Successor to Business Function Consultancy Pvt. Ltd.) Vs. ITO, Ward-5(3), Kolkata
Case No: I.T.A. No.: 1043/KOL/2023
Court: Income Tax Appellate Tribunal, Kolkata ‘D’ Bench
Date: 3/6/2025
Parties Involved
AppellantM/s. Emerald Properties Pvt. Ltd. (Successor to Business Function Consultancy Pvt. Ltd.)
RespondentITO, Ward-5(3), Kolkata
Facts Summary
The assessee, M/s. Emerald Properties Pvt. Ltd. (Successor to Business Function Consultancy Pvt. Ltd.), filed a return of income declaring a total income of Rs. 19,740/-. However, it was assessed on an income of Rs. 7,28,78,870/- by the Assessing Officer (AO) under section 143(3) of the Income Tax Act, 1961. A sum of Rs. 7,25,67,000/- received as share capital and share premium was added as cash credit under section 68 of the Act. Another sum of Rs. 2,92,132/- was disallowed under section 14A of…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the appellate order was passed on an ex-parte basis without considering the submissions made by the appellant.
- 2. Whether the addition made under section 68 of the Income Tax Act, 1961 for non-compliance of summon under section 131 of the Act is justified.
4 more legal issues analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.