Raksha Buildtech Private Limited vs. ITO, Ward 21(1)

Parties Involved

Facts Summary

The assessee, Raksha Buildtech Private Limited, filed its return of income for the Assessment Year 2017-18 declaring a loss. The case was selected for scrutiny, and the assessee was asked to submit documentary evidence for inventories and collaboration agreements. The assessee claimed it had received advances from its holding company for acquiring lands. The Assessing Officer observed discrepancies in the provided documents and made an addition to the assessee's income. The assessee appealed thi…

Legal Issues

• 1. Whether the addition of Rs.3,12,41,144/- made by the Assessing Officer is justified.
• 2. Whether the invocation of Section 68 of the Income Tax Act is appropriate in this case.

Precedents Relied Upon

2 precedents cited in this judgement.

Judgment Outcome