Pax Travels Private Limited vs. DCIT, Central Circle 4(3), Kolkata

Parties Involved

Facts Summary

During the year, the assessee raised ₹1,10,00,000/- by way of share subscription money from three subscribers. The assessee filed a return of income on 27.09.2011, showing nil income, which was processed under section 143(1) of the Act on 17.01.2012. The case was reopened under section 147 of the Act by issuing a notice under section 148 of the Act on 30.03.2017. The assessee filed a return of income on 02.05.2017. The Assessing Officer (AO) doubted the share capital/share premium on the ground that there were debit entries in the subscribers' bank statements corresponding to credit entries and there was hardly any income of the subscribers. The AO treated the amount received from M/s Evergreen Barter Private Limited as unexplained cash credit under section 68 of the Act and added the same to the income of the assessee.…

Legal Issues

• 1. Confirmation of addition of ₹20.00 lacs received from M/s Evergreen Barter Pvt. Ltd. as unexplained cash credit u/s 68 of the Act.

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Savera Commotrade Private Limited Vs. ITO

• Sh. Himanshu Sawhney Vs. Income Tax officer, Ward -59(5), New Delhi

  Delhi Bench benchAY 2017-18Partly Allowed

• A B Exports Private Limited Vs. Income Tax Officer

  Mumbai Bench benchAY 2008-09Allowed

• Happy Homes & Houses Pvt. Ltd. vs. ITO, Ward 9(2)

  Kolkata Bench benchAY 2012-13Allowed

• DCIT, Central Circle -4(2) Vs. Uma Vinimay Private Limited

  Kolkata benchAY 2014-15Dismissed

• Canadian Kay Pump Ltd. vs. Assistant Commissioner of Income Tax

  Mumbai bench