Rishi Tradecom Pvt. Ltd. vs. ITO, Ward-8(1), Kolkata

Parties Involved

Facts Summary

The assessee, Rishi Tradecom Pvt. Ltd., filed its return of income for the assessment year 2017-18 declaring total income as Rs. Nil. The case was reopened under Section 148 of the Income-tax Act, 1961, and notices under Sections 143(2) and 142(1) were issued. The Assessing Officer passed an assessment order under Section 147 read with Section 144B, making an addition of Rs. 28,36,680/- under Section 43CA of the Act due to the difference between the stamp duty valuation and the sale consideration of the immovable property. The assessee filed an appeal before the CIT(A), which was partly allowed with a direction to delete Rs. 2,02,000/-. Aggrieved by this, the assessee appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of Rs. 28,36,680/- under Section 43CA of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

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