DCIT, Circle 11(1), Kolkata Vs. M/s. Placid Limited

Parties Involved

Facts Summary

The case involves additions under section 68 and disallowance under section 14A of the Income Tax Act, 1961, made by the Assessing Officer. The Commissioner of Income Tax (Appeals)-NFAC, Delhi quashed the assessment order dated 16.03.2013. The Revenue filed an appeal against this order, which was received 193 days after the due date. An application for condonation of delay was filed and granted. The appeal was based on the grounds that the CIT(A) erred in quashing the assessment order and in ignoring the existence of M/s Digvijay Investments Ltd. at the initiation of the assessment proceedings. The total disputed amount was Rs. 1,01,21,472/-, with a notional tax below Rs. 60,00,000/-.…

Legal Issues

• 1. Whether the CIT(A) erred in quashing the assessment order dated 16.03.2013.
• 2. Whether the CIT(A) erred in ignoring the existence of M/s Digvijay Investments Ltd.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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