Indivar Marketing Private Limited

Parties Involved

Facts Summary

The assessee, Indivar Marketing Private Limited, filed its return of income for the assessment year 2018-19 declaring a total income of Rs.20,980/-. The company received Rs.16,50,000/- from M/s. Aditi Sanchar Suvidha Pvt. Limited as an advance against the sale of shares. Despite issuing a notice under section 148A(b) and subsequently under section 148 of the Act, the assessee failed to provide adequate details or documents to substantiate the nature of the receipt. Consequently, the Assessing Officer deemed Rs.9,00,000/- as unexplained cash credit and assessed it under section 68, bringing it to tax under section 115BBE of the Act. The assessee appealed against this order, claiming that the revenue authorities did not examine the documents submitted.…

Legal Issues

• 1. Whether the orders of the ld. CIT(Appeals) and ld. Assessing Officer are bad in law and on facts of the case.
• 2. Whether the ld. CIT(Appeals) erred in confirming the addition of Rs.9,00,000/- towards ‘unexplained cash credit’ without considering the merit and facts of the case.

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Avijit Roy Vs ITO, Ward-23(3), Hooghly

  Kolkata Bench benchAY 2017-18Allowed

• ITO VS ANNAMALAI

• Shri Sardar Patel Co-operative Credit Society Ltd vs ITO

  Ahmedabad bench

• People Tree Chits Pvt. Ltd. vs. Income Tax Officer, Ward- 5(2)(1)

  C'' Bench: Bangalore benchAY 2018-19Partly Allowed

• ITA No. 2278/DEL/2025; A.Y.: 2021-22 ITO, W-44(1) Civic Centre Delhi Vs Shri Varun Manchanda

• DCIT, Central Circle-19, New Delhi vs. Chawla Gems Pvt. Ltd.

  "B" Bench, Delhi benchAY 2017-18Dismissed