M/s. Shree Salasar Commercial Company Private Limited Vs. I.T.O Ward-10(1), Kolkata

Parties Involved

Facts Summary

The assessee, M/s. Shree Salasar Commercial Company Private Limited, filed its return of income showing 'NIL' income. The case was selected for scrutiny under Computer Assisted Scrutiny Selection (CASS) due to the large share premium received. Despite issuing notices, the assessee did not comply, leading to an addition of ₹34,62,00,000 under section 68 of the Income Tax Act. The assessee appealed to the Commissioner of Income Tax (Appeals)-NFAC, Delhi, who dismissed the appeal after finding that the identity, genuineness, and creditworthiness of the share applicants were not proved. Aggrieved by this order, the assessee filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the order of the National Faceless Appeal Centre (NFAC) is bad in law and void ab initio for not providing an opportunity of personal hearing and not considering the submissions/evidence filed by the appellant.
• 2. Whether the NFAC erred in confirming the action of the assessing officer in assessing the income of the appellant at Rs.34,62,00,000/- as against Nil income declared by the appellant.
• 3. Whether the NFAC erred in upholding the addition of Rs.34,62,00,000/- under section 68 of the Act for failure to establish the nature and source of share capital received.
• 4. Whether the authorities erred in charging interest under sections 234A, 234B of the Act.

Judgment Outcome

Decided in favour of Assessee.

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