S.R.P. Infocom Private Limited vs. Income Tax Officer, Ward 4(4), Kolkata

Parties Involved

Facts Summary

This appeal arises from the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, passed under section 250 of the Income Tax Act, 1961. The Ld. Assessing Officer (AO) had passed an order under section 143(3) read with section 263 and section 144B of the Act, making additions to the income of the assessee. The first addition was Rs. 19,06,266 on account of the sale of shares of M/s Paulmech Hospitality Pvt. Ltd. The second addition was Rs. 1,63,50,000 on account of alleged unexplained investments in unlisted equity shares. The assessee approached the CIT(A), who confirmed these additions. Aggrieved by this, the assessee filed an appeal before the ITAT.…

Legal Issues

• 1. Upholding of addition of Rs. 1,90,62,662 by the AO as alleged unexplained Cash Credit.
• 2. Double taxation of the added sum of Rs. 1,90,62,662.
• 3. Upholding of addition of Rs. 1,63,50,000 by the AO as alleged unexplained Investments.
• 4. Failure of the AO to appreciate the explanation regarding investments in assets held for resale/capital appreciation.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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