M/s. Taranga Vyapar Pvt. Ltd.
Case No: ITA No. 673/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH, KOLKATA
Date: 2/13/2025
Parties Involved
appellantM/s. Taranga Vyapar Pvt. Ltd.
respondentIncome Tax Officer
Facts Summary
The assessee, M/s. Taranga Vyapar Pvt. Ltd., a Private Limited Company, filed its return of income on 20.05.2019. The assessment for A.Y. 2012-13 was made under section 144/147 of the Act adding Rs.25,00,000/- as unexplained cash credit. The assessment was reopened under section 147 on the ground that the income of Rs.25,00,000/- had escaped assessment. The assessee company had no plausible explanation for this. Due to non-compliance by the assessee, the Assessing Officer assessed the income of …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the delay in filing the appeal is excusable.
- 2. Whether the addition of Rs.25,00,000/- as unexplained cash credit is justified.