V Mart Retails Ltd. Vs. ACIT, Circle-7(1), Kolkata

Parties Involved

Facts Summary

The assessee company, V Mart Retails Ltd., filed its return of income on 13.08.2012 declaring a total income of Rs. 16,32,48,820/-. Subsequently, due to information received from the Investigation Wing indicating heavy transactions in the bank accounts, a notice under section 148 was issued. The assessee company filed a return of income, and a show cause notice was received but no reply was submitted. As a result, the Assessing Officer (AO) held that an amount of Rs. 1,10,23,450/- remained unexplained and treated it as bogus and not genuine. Aggrieved by this order, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals)-NFAC, Delhi (Ld. CIT(A)), which was dismissed on the ground that the assessee did not rebut the finding of the AO nor made any submission in support of the grounds of appeal before the Ld. CIT(A), despite receiving notices on various dates.…

Legal Issues

• 1. Whether the assessee should be given an opportunity to place its case before the Ld. CIT(A).

Judgment Outcome

Decided in favour of Assessee.

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