Sarang Dealcom Pvt. Ltd. Vs. I.T.O., Ward-4(3), Kolkata
Case No: I.T.A. No.: 1230/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘D’ BENCH, KOLKATA
Date: 10/29/2025
Parties Involved
appellantSarang Dealcom Pvt. Ltd.
respondentI.T.O., Ward-4(3), Kolkata
Facts Summary
An information was received that M/s. Shiv Shakti Trading, a Proprietorship concern, had opened a current account with Axis Bank. The amount deposited in the account was transferred to the accounts of different beneficiaries. These were operator-driven transactions which resulted in entries received by the beneficiary companies in their books of account. For obtaining entries in the books, the beneficiary provided cash to the operator, which was deposited in the individual or dummy proprietorshi…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 80,50,000/- as unexplained cash credit by the AO should be deleted.
- 2. Whether the addition of Rs. 80,50,000/- made u/s 68 by the AO should be deleted as it pertains to the sale of shares held by the company.
Precedents Relied Upon
2 precedents cited in this judgement.