Mundukhola Baksagarh SKUS Ltd. Vs. ITO, Ward-24
Case No: ITA No.879/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL “ A” BENCH, KOLKATA
Date: 1/15/2025
Parties Involved
appellantMundukhola Baksagarh SKUS Ltd.
respondentITO, Ward-24
Facts Summary
The assessee, Mundukhola Baksagarh SKUS Ltd., filed its return of income for A.Y. 2017-18 showing total income as Nil after claiming a deduction under section 80P. The case was selected for scrutiny and the Assessing Officer (AO) observed that the assessee had deposited cash into its bank accounts. The assessee provided various documents including bank statements, audited accounts, and details of cash deposits during the demonetization period. The AO concluded that the sources of cash deposits r…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of ₹45,89,500/- by ld. CIT (A) as unexplained investment u/s 69A of the Act.
- 2. Confirmation of addition of ₹4,74,181/- by ld. CIT (A) by not allowing the deduction u/s 80P of the Act.
Precedents Relied Upon
4 precedents cited in this judgement.