M/s Goldman Stocks & Share Brokers Pvt. Ltd. Vs. ITO, Ward-8(2), Kolkata

Parties Involved

Facts Summary

The assessee, M/s Goldman Stocks & Share Brokers Pvt. Ltd., filed a return of income on 28.09.2013 declaring total income of Rs. Nil. The case was reopened under section 147 of the Act after the Assessing Officer (AO) received information from DDIT(Inv), Unit-4(3), Kolkata, stating that the assessee had received accommodation entries of Rs. 4,82,40,000/- through shell companies by routing its own funds. A notice under section 148 was issued on 26.03.2019, and the assessee filed the return of income on 05.06.2019. The AO issued a statutory notice which was served along with a questionnaire. The AO observed that the assessee had received Rs. 4,82,40,000/- as beneficiary through shell companies, which was treated as unexplained cash credit and added to the income of the assessee. The Commissioner of Income Tax (Appeals)-NFAC, Delhi affirmed the order of the AO.…

Legal Issues

• 1. Confirmation of addition of Rs. 4,82,40,000/- by the Commissioner of Income Tax (Appeals)-NFAC, Delhi as made by the AO on account of unexplained cash credit during the year.

Judgment Outcome

Decided in favour of Assessee.

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