M/s Utkal Builders Ltd vs. DCIT, Circle-1(1), Kolkata

Parties Involved

Facts Summary

The assessee, M/s Utkal Builders Ltd, has appealed against the orders passed by the National Faceless Appeal Centre (CIT(A)) for the assessment years 2016-17 and 2017-18. The assessee has contested the additions made by the Assessing Officer (AO) and the CIT(A) on various grounds, including the failure to provide proper opportunity to present its case, improper disallowance of interest on unsecured loans, and incorrect revenue recognition for property sales. The assessee has also argued that the assessment order was passed on a gazetted holiday, violating the principles of natural justice.…

Legal Issues

• 1. Confirmation of addition of Rs.5,56,62,541/- u/s 68 without considering the submission of the assessee.
• 2. Estimated disallowance of Rs.3,07,03,743/- at the rate of 10% of total construction cost.
• 3. Direction to treat sales as complete on receipt of 60% of the sale consideration.
• 4. Setting aside the difference of Rs.28,19,460/- being rental income.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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