Shivam Leasing Pvt. Ltd. vs Income Tax Officer

Parties Involved

Facts Summary

For the assessment year 2008-09, Shivam Leasing Pvt. Ltd. filed its return of income on 29.09.2008 declaring income of Rs. 13,045/-. Subsequently, the assessment was reopened under section 147 of the Income-tax Act, 1961, based on information that the assessee had introduced unaccounted money in its books of accounts during FY 2007-08. The Assessing Officer completed the assessment under section 147 read with section 143(3) of the Act by adding Rs. 1,05,31,500/- on account of income from undisclosed sources. The assessee appealed against this addition, which was dismissed by the Commissioner of Income-tax (Appeals). The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in sustaining the order passed by the Assessing Officer under section 147/143(3)?
• 2. Whether the addition of Rs. 1,05,31,500/- made by the Assessing Officer on account of unexplained cash deposits in the bank account and affirmed by the Commissioner of Income-tax (Appeals) was justified?

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• ACIT, Central Circle 25 vs. Shri Ramkesh Basist and M/s. Bulland Leasing & Finance Pvt. Ltd.

  Delhi Bench 'F', New Delhi benchAY 2007-08, 2011-12Dismissed

• Ayub Khan Vs. The ITO

  Jodhpur bench

• Income Tax Appellate Tribunal 'C' Bench, Chennai

  Chennai bench

• ITA No. 6414/DEL/2017

  Delhi Bench 'F', Delhi benchAY 2008-09Allowed

• M/s. J.V. Industries Pvt. Ltd. vs. DCIT, Circle-13(1), Delhi

  Delhi Bench benchAY 2008-09Allowed

• Maruti Builders Vs. Income Tax Officer

  Ahmedabad bench