SUPRIYA FINCOM PRIVATE LIMITED,KOLKATA vs. ITO, WARD 5(1), KOLKATA, KOLKATA

ITA 1814/KOL/2026Status: DisposedITAT Kolkata16 September 2026AY 2008-200930 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged its initial burden by providing evidence of identity, genuineness, and creditworthiness of the share applicants. The AO failed to conduct further necessary inquiries, making the addition unsustainable.

What were the facts?

The assessee received share capital and premium amounting to Rs. 12,72,00,000/-. The Assessing Officer (AO) made an addition under Section 68 as unexplained cash credit, which was upheld by the CIT(A). The case was reopened after a revisionary order under Section 263 found the initial assessment to be erroneous.

What were the issues?

Whether the addition made under Section 68 for share capital and premium was justified when the assessee provided sufficient evidence of identity, genuineness, and creditworthiness of the subscribers, and whether the AO conducted adequate inquiries.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 143(3),Section 131,Section 263,Section 144

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, KOLKATA

Before: SHRI DUVVURU RL REDDY, VP & SHRI RAJESH KUMAR, AM Shri S.K. Tulsiyan &

For Appellant: Shri S.K. Tulsiyan &, Ms. Mita Rizvi, ARs
For Respondent: Shri Sanat Kumar Raha, DR
Hearing: 04.08.2026Pronounced: 16.09.2026

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 08.04.2026 for the AY 2008-09. 2. The assessee has raised revised grounds of appeal as under:-

“1. That on the facts and in the circumstances of the case, the impugned proceedings for assessment having being initiated post the order of the ld. CIT u/s 263 of the Act, the juri iction of AO was circumscribed by the juri iction vested in him in the 263 order.

2.

That on the facts and in the circumstances of the case, in the original assessment, the learned AO having conducted enquirie

The order continues below.

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