Samrat Finvestors Private Limited Vs. ITO, Ward 5(2)
Case No: ITA No.1035 to 1038/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL “ D” BENCH, KOLKATA
Date: 10/16/2025
Parties Involved
appellantSamrat Finvestors Private Limited
respondentITO, Ward 5(2)
Facts Summary
The assessee, Samrat Finvestors Private Limited, a Non-Banking Finance Company, filed its return of income declaring a loss. The return was selected for scrutiny assessment, and an assessment order was passed determining the income at a significantly higher amount. The assessee raised share capital by issuing equity shares, and the Assessing Officer (AO) made an addition under Section 68 of the Income-tax Act, 1961, on account of share application money received. The assessee filed an appeal bef…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition made by the AO under Section 68 of the Income-tax Act, 1961, on account of share application money received is justified.
- 2. Whether the notice under Section 148 of the Income-tax Act, 1961, issued for reopening the assessment is barred by limitation.
Precedents Relied Upon
15 precedents cited in this judgement.