Santlal Enterprise Vs. ITO, Ward 1(1)

Parties Involved

Facts Summary

The assessee, Santlal Enterprise, filed a return of income on 08.06.2018 declaring total income at ₹nil. The case was selected for scrutiny under CASS, and the assessee complied with statutory notices by providing various details and evidences electronically. The Assessing Officer (AO) issued a show cause notice along with a draft assessment order on 13.04.2021, calling for documents and reasons to dispute the draft order. Despite requests for adjournment, the AO passed a final assessment order on 21.04.2021, adding ₹2,73,30,000/- to the assessee's total income. This included an addition of ₹2,50,00,000/- under section 56(2)(x) and ₹23,30,000/- under section 68 read with section 115BBE. The Commissioner of Income Tax (Appeals) (CIT(A)) partly allowed the appeal by deleting the addition under section 56(2)(x) but sustained the addition under section 68.…

Legal Issues

• 1. Whether the order of the learned CIT (A) is bad in law and should be quashed.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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