M/s. Enfield Vyapaar Pvt. Ltd. Vs. I.T.O., Ward-1(1), Kolkata
Parties Involved
Facts Summary
The assessee company, M/s. Enfield Vyapaar Pvt. Ltd., filed its return of income for the Assessment Year 2008-09 showing a total loss of ₹950/-. Subsequently, the case was reopened by the Assessing Officer (AO) by issuing a notice under section 148 of the Income Tax Act, 1961, and the reassessment was completed under sections 143(3)/147 of the Act on 31.12.2010 at a total income of ₹28,451/-. A revision proceeding under section 263 of the Act was initiated against the assessee company, and a revision order was passed by the Hon'ble CIT, Kolkata-1, setting aside the order under sections 143(3)/147 of the Act and directing the AO to complete the assessment afresh. The assessment proceeding was initiated and completed ex parte by the AO under sections 144 read with 263 of the Act. The AO made an addition of ₹3,93,00,000/- on account of share capital along with share premium to the total income of the assessee, treating the same as unexplained cash credit. Aggrieved with the assessment order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals)-NFAC, Delhi (CIT(A)), who upheld the validity of the assessment order as the assessee did not respond to the notices issued by the AO.…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition to the tune of ₹3,93,00,000/- on account of unexplained credit.
- 2. Service of notice under section 263 of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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