Tirupati Infrapromoters Pvt. Ltd. Vs. ACIT, Circle-1(3), Kolkata

Parties Involved

Facts Summary

A search and seizure operation was conducted under Section 132 of the Income Tax Act in the residential and business premises of persons belonging to the National Plasto Group. The investigation revealed that the group had transferred shares worth approximately Rs. 26.58 crores to their group companies. Proceedings under Sections 153C and 153A of the Act were initiated. The assessee company filed its return for AY 2015-16 disclosing a total income of Rs. 2170/-. Notices under Sections 143(2) and 142(1) were issued. The assessee submitted a ledger for the purchase and sale of fancy sarees but failed to provide supporting documents. The departmental inspector found no physical existence of the alleged paper companies involved in the transactions. Consequently, an expense of Rs. 41,628/- was disallowed and added to the assessee's income. The assessee appealed against this order, which was dismissed by the CIT(A) for want of prosecution.…

Legal Issues

• 1. Whether the order passed by the CIT(A) was valid given it was an ex-parte order without discussing the merits of the case.

Judgment Outcome

Decided in favour of Assessee.

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