M/s Rajrath Merchants Pvt. Ltd. vs. ITO, Ward-1(1), Kolkata

Parties Involved

Facts Summary

The assessee company, M/s Rajrath Merchants Pvt. Ltd., is engaged in trading/investment in equities and providing long-term loans/advances. For the assessment year 2012-13, the company filed a return of income declaring a total income of Rs.92,828/-. The case was selected for scrutiny through CASS, and the assessment under Section 143(3) was completed by the Assessing Officer. Subsequently, the case was taken up for revision under Section 263 of the Income-tax Act, 1961, and the National Faceless Appeal Centre (NFAC), Delhi, passed an order under Section 147 read with Section 263, making an addition of Rs.35,49,50,000/- as unexplained cash credit under Section 68 of the Act. Aggrieved by this order, the assessee filed an appeal before the CIT(A), which was dismissed due to the non-submission of corroborative evidence. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the assessee provided sufficient evidence to substantiate its claim against the addition of unexplained cash credit?

Judgment Outcome

Decided in favour of Assessee.

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