Navnita Dealcom Pvt. Ltd. vs. ITO, Ward-6(3), Kolkata
Parties Involved
Facts Summary
The assessee, Navnita Dealcom Pvt. Ltd., filed a return of income for the Assessment Year 2012-13, declaring a total income of Rs. 62,986/-. The case was selected for scrutiny under CASS, and statutory notices were issued. The Assessing Officer (AO) noted that the assessee had received Rs. 1,21,50,000/- by issuing equity shares at a premium. The assessee furnished details of share subscribers and complied with summons issued under Section 131 of the Act. However, the managing director of the subscribing company did not appear before the AO. Consequently, the AO treated the amount as unexplained cash credit and added it to the assessee's income under Section 68 of the Act. The Commissioner of Income Tax (Appeals) confirmed the AO's order, leading to the appeal by the assessee.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Confirmation of addition of Rs. 1,21,50,000/- by the AO on account of unexplained cash credit in respect of share capital / share premium u/s 68 of the Act.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
11 precedents cited in this judgement.
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