Topwell Agency (P) Ltd. vs. ACIT, Cen. Circle-3(1), Kolkata

Parties Involved

Facts Summary

The assessee, Topwell Agency (P) Ltd., filed its return of income for the assessment year 2012-13 under section 139 of the Income-tax Act, 1961. The assessment was completed under section 147 read with section 143(3) of the Act, determining the total income at ₹77,16,680/–, with an addition of ₹77,00,000/– on account of share capital received, treating the same as unexplained cash credit under section 68 of the Act. Aggrieved by the assessment, the assessee appealed before the Learned Commissioner of Income-tax (Appeals), Kolkata-21, but the appeal was dismissed ex parte due to non-compliance by the assessee. Consequently, the assessee filed an appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the orders of the lower authorities were passed ex parte without proper opportunity being availed by the assessee?

Judgment Outcome

Decided in favour of Assessee.

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