M/S VIZAG IMPEX PVT. LTD., KOLKATA,KOLKATA vs. DCIT, CIRCLE-2(1), RAIPUR, RAIPUR

PDF · subscribers
ITA 703/RPR/2025Status: DisposedITAT Raipur30 July 2026AY 2014-1520 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that as per the proviso to Section 68, if the person in whose name the credit appears offers an explanation, it is deemed to be explained by the assessee. The Tribunal noted that the assessee had submitted documents to substantiate the investor company's identity, genuineness, and creditworthiness.

What were the facts?

The assessee company received share application money of Rs. 2,65,20,000/- from Mausam Trade Link Pvt Ltd. The Assessing Officer (AO) added this amount to the assessee's income, treating it as an unexplained cash credit, as he found the investor company's identity, genuineness, and creditworthiness to be unsubstantiated.

What were the issues?

Whether the share application money received by the assessee constituted an unexplained cash credit under Section 68, and whether the addition for employees' contribution to PF/ESI was justified.

Which sections of the Income-tax Act were involved?

Section 68,Section 2(24)(x),Section 36(1)(va)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH “DB”, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL Dr. DIPAK P. RIPOTE

For Appellant: Shri Praveen Khandelwal, CA &, Shri Praveen Goyal, CA, Shri CH. Rajeswara Reddy, Sr. DR

आदेश / ORDER PER DR. DIPAK P. RIPOTE, AM:

This appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, passed under section 250 of the Income Tax Act, 1961 (‘the Act’) for the Assessment Year (AY) 2014-15 on 23.09.2025 emanating from assessment order under section 143(3) of the Act dated 29.12.2016.

2 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

2.

The assessee has raised following grounds of appeal: “1. For that in view of the facts and in the circumstances, Ld. CIT(A) erred in affirming the addition of Rs. 2,65,20,000/- u/s 68 of the IT Act, 1961 and in view of the facts and in the circumstances such addition is liable to be deleted and it may be held accordingly.

2.

Without prejudice to Ground No. 1 above, Ld. CIT(A) erred in not appreciating the fact that the appellant had duly submitted the evidences to substantiate the "source" and the "sources of source" as well and also satisfied all the 3 ingredients of sec. 68 and hence the addition so made by AO for the share capital received during the year and Ld. CIT(A) erred in affirming such addition and in view of the facts and in the circumstances it may be held accordingly.

3.

For that in view of the facts and in the circumstances, Ld. CIT(A) erred in affirming the addition of Rs.62,786/- u/s 2(24)(x) read with sec. 36(1)(va) for the Employees' Contribution towards PF/ESI and in view of the facts and in the circumstances addition so made is liable to be deleted and it may be held accordingly.

4.

For that your petitioner craves the right to put additional grounds and/or to alter/ amend/modify the present grounds at the time of hearing.”

Findings and Analysis :

We have heard both the parties and perused the records. In 3. this case the Assessee is a private Limited company. It had filed Return of Income for AY 2014-15 on 27/10/2014 declaring Total Income at Rs.23,07,400/-. Assessee’s case was selected for scrutiny, accordingly, Notice u/s 143(2) and Notices u/s 142 were

3 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

issued. Mr. Pravin Goyal CA and Mr. Suresh Goyal appeared in response to the Notices issued by the Assessing Officer (AO) and filed the documents as called by the AO. It was noted by the AO that the Assessee has received Share Application Money of Rs.2,65,20,000/- during the year from Mausam Trade Link Pvt Ltd. It was also noted by the AO in the Assessment Order that Assessee company has allotted 4,42,000 shares to Mausam Trade Link Pvt Ltd during the year at a premium. The AO asked the assessee to prove the identity of investor company, genuineness of transaction and creditworthiness of the investor company. The Assessee filed elaborate replies during scrutiny proceedings. After considering the submission of the Assessee the AO has held as under:

“2.5 All this above indicate that the share capital has been introduced in the name of such company which is not genuine. This share holder company exist only on paper. They do have their PAN and file their return of income, however, their actual business is to provide accommodation entries for introduction of share capital of beneficiaries. 2.6 In view of above, there appears to be no justification as to why the companies at Kolkata and other faraway places which are unknown and unrelated to the assessee company would invest in a company whose neither past performance nor the future plans would attract investors from such a faraway place to make substantial investment in the concerns, that too at a high premium.

4 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

……………………………. ……………………………. 4. The above submission of the assessee can’t be accepted due to following reasons: (i) Non-existence of the share applicants shown in the books of the assessee company. (ii) Non-justification of high premium on the shares allotted. (iii) No physical activity was found of the share applicant. (iv) Non creditworthiness of the share applicant.

The AO in the Assessment Order also noted that Sources of 4. Funds in the Mausam Trade link Pvt Ltd are from the companies which are operating from Kolkata, they have filed Returns of Income showing meagre income. AO alleged that those companies who invested in Mausam Tradelink Pvt Ltd were paper companies. (para 4.1 of the Assessment Order). Finally in para 4.13 of the Assessment Order the AO held as under :

“4.13 On the basis of above facts and circumstances, a showcause on 21/12/2016 was issued to assessee and with all the facts it informed that the creditworthiness of investor company M/s Mausam Tradelink Pvt. Ltd. Apart from the identity and genuineness also not justified. In the reply asseesee submitted that the documents which submitted are sufficient enough to support the identity, creditworthiness and genuineness of the transactions in respect of the share application/share premium. After considering of the all submission of the assessee and with all facts and law which already discussed in above paras, the the genuineness of transactions and shareholder's Identity, creditworthiness of

5 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. shareholders are not justified. Hence, the share application money of Rs. 2,65,20,000/- received from M/s Mausam Tradelink Pvt. Ltd. remains unexplained.

4.13 On the basis of above discussion, unexplained cash credit of Rs. 2,65,20,000/- towards share capital and high premium received M/s Mausam Tradelink Pvt. Ltd. is treated as unexplained cash credit u/s. 68 of the income Tax Act, 1961 s and added to the total income of the assessee. Penalty proceedings u/s. 271(1)(c) of the Income Tax Act, 1961 is initiated on this issue for concealment of income. Addition Rs.2,65,20,000/- Aggrieved by this addition the Assessee filed appeal before 5. the Ld. Commissioner of Income Tax (Appeal) [CIT(A)] who confirmed the addition.

Aggrieved by the Order of the Commissioner of Income 6. Tax(Appeal) the Assessee has filed appeal before this Tribunal.

Before discussing the case of the assessee, the Section 68 7. of the Income Tax Act applicable for the AY 2014-15 is reproduced here under: “68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :

6 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

Provided that where the assessee is a company, (not being a company in which the public are substantially interested) and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless— (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.”

Thus, as per Proviso to section 68, once the person in 8. whose name the credits appear, offers an explanation about the nature and source of such sum credited, then the impugned Share Application Money shall be deemed to have been explained by the assessee. In this background let’s understand the facts of this case. In this case admittedly Assessee has received Share Application Money of Rs.2,65,20,000/- from Mausam Tradelink Pvt Ltd. Admittedly during the year the Assessee has allotted shares to Mausam Tradelink Pvt Ltd.

7 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. During the Assessment Proceedings the Assessee has filed following :

 Copy of Certificate of Incorporation of Mausam Tradelink Pvt Ltd issued by Registrar of Companies on 14/06/2011. (page 2 of paper Book)

 Copy of Share Certificate issued by Assessee to Mausam Tradelink Pvt Ltd dated 5/03/2014 showing allotment of 4,42,000 shares (page 4 of the paper book)

 Copy of Return of Income of Mausam Tradelink Pvt Ltd for AY 2014-15 filed on 01/09/2014.Copy of Audit Report, Director’s Report Balance Sheet, P&L account as on 31/03/2014. ( page 7- 22 of the paper book).

 The Ld. AO during assessment proceedings issued letter under section 133(6) of the Act to Mausam Tradelink Pvt Ltd. The Mausam Tradelink Pvt Ltd vide letter dated 30.11.2016 filed an elaborate reply. In the said reply ,it has been mentioned that Directors of the Mausam Tradelink Pvt Ltd are as under:

8 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

Mr. Ashish Goyal, Mr. Amit Goyal, Mr. Ganesh Prasad Choudhary, Ms. Geeta Devi Choudhary.  The Mausam Tradelink Pvt Ltd admitted investment made in Vizag Impex Pvt Ltd. Mausam Tradelink Pvt Ltd also shared copy of relevant pages of bank statement to demonstrate payment of share application money. Mausam Tradelink Pvt Ltd shared copy of annual general meeting wherein investment was approved. Mausam Tradelink Pvt Ltd also shared contact numbers of Directors along with complete address. Thus, in reply to notice under section 133(6) Mausam Tradelink Pvt Ltd filed elaborate reply along with all supporting documents.

 The Ld. AO issued commission under section 131(1)(d) of the Act to ITO Ward-11(2), Kolkata for recording statement of Mr. Ashish Goyal Director of Mausam Tradelink Pvt Ltd. Accordingly, ITO Ward 11 (2) issued summon to Mr. Amit Goyal. Mr. Amit Goyal appeared before the ITO and his statement was recorded by the ITO. The relevant questions and its answers are as under:

9 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

“Q.8. Please state the names of companies in which you and your family members are associated with.

Ans. I am director of M/s Vizag Impex Private Limited, M/s B.D. Plywood Private Limited and M/s Masum Tradelink Pvt Ltd as per my information My family members are not associated with any other company.

Q.11. What are your regular business activities?

Ans. This company is engaged mainly in financing activity.

Q.12. Details of investment made in assessee company.

Ans. The company had given Share Application Money to the assessee company.

Q.13. Financial year in which the investment made.

Ans. Share Application Money was given during the F.Y. 2013- 14.

Q.14. Copy of the financial statement of your company for the F.Y. 2013-14 along with complete set of audited accounts, ITR Acknowledgment and copy of PAN Card.

Ans. Copy of financial statement for the F.Y. 2013-14 along with ITR Acknowledgment and copy of PAN Card is enclosed.

Q.16. Whether any meeting was held before such investment and whether any resolution passed to that effect? If so, a copy of notice of such meeting and copy of minutes of such meeting and copy of the resolution so passed in the meeting conducted by you company before making such investment in the assessee company.

10 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. Ans. Yes, the company has passed a Board Resolution before making application for Equity Shares.

Q.17. Mode of payment for investment and evidence, if any.

Ans. Sir, Share Application Money was given through banking channel and the bank-statements submitted as evidence.”

Thus, it can be observed from the abovementioned 9. documents and copy of the statement of Mr. Goyal, that all the details as asked by the Ld. AO were filed by Mausam Tradelink Pvt Ltd.

We have perused the balance sheet of Mausam Tradelink 10. Pvt Ltd as on 31.03.2014 which is at page No. 14 of the paper book and noted that as on 31.03.2013 the reserve and surplus were Rs.15,91,14,586/-. Similarly, the reserve and surplus on 31.03.2014 was Rs.15,91,36,469/-. Thus, when Mausam Tradelink Pvt Ltd invested in Vizag Impex Pvt. Ltd. it had sufficient reserve and surplus. This fact has not been doubted by the Ld. AO. This explains the creditworthiness of Mausam Tradelink P Ltd.

11 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. We have perused the copy of the bank statement and noted 11. that the Mausam Tradelink Pvt Ltd has invested in Vizag Impex thorough its bank account in United Bank of India, Kolkata. Copies of this bank statement were at page nos. 23 and 24 of the paper book.

It is important to understand that Mr. Amit Goyal is director 12. in Mausam Tradelink Pvt Ltd as well as Vizag Impex Pvt. Ltd. We have gone through the financial statement of Vizag Impex Pvt. Ltd as on 31.03.2014 and noted that Mausam Tradelink Pvt Ltd holds 30.65% shares in Vizag Impex Pvt. Ltd. Actual number of shares held by Mausam Tradelink Pvt Ltd in assessee company 4,42,000, which is evident from the financial statements. Mr. Amit Goyal holds 50.60% shares of Vizag Impex Pvt Ltd.

We have already reproduced section 68 of the Act in earlier 13. paragraphs. As per section 68 of the Act the person who has invested through share application money in the assessee company once offers an explanation about the nature and source of amount and files relevant evidences the onus casted on

12 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. assessee is fulfilled. In this case, Mausam Tradelink Pvt Ltd has admitted investment in assessee company, through banking channel, filed copy of relevant bank statement. Mausam Tradelink Pvt Ltd filed copies of financial statements, which we have already referred above. As per financial statement Mausam Tradelink Pvt Ltd had sufficient reserve and surplus to invest in assessee company. Director of the assessee company is Director in Mausam Tradelink Pvt Ltd and has admitted in his statement recorded under section 131 of the Act regarding investment. In these facts, the assessee has filed all the relevant documents before the AO.

14.

The AO has merely stated that Mausam Tradelink Pvt Ltd is situated in Kolkata and it has received funds from other Kolkata based companies, so AO alleged it as layering. Ironically the AO in paragraph 4.1 observed that Investments in Mausam Tradelink Pvt Ltd was through paper companies during FY 2013-14. AO has alleged that through layering black money has been converted however in the assessment order there is no evidence on record brought by AO to prove his allegation.

13 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

15.

The assessee has also filed copies of assessment orders passed in the case of Mausam Tradelink Pvt Ltd for AY 2012-13, 2013-14 and 2017-18, which are at page No. 35 to 41 of the paper book. In the assessment order of Mausam Tradelink Pvt Ltd for AY 2013-14 it has been observed by the AO, ITO Ward 14(3), Kolkata that balance sheet of Mausam Tradelink Pvt Ltd shows investment of Rs.15,69,00,550/-. However, in the assessment order there is only addition under section 14A of the Act of Rs.66,434/-. It means for AY 2013-14 the AO ITO Ward 14(3), Kolkata has accepted return of income filed by Mausam Tradelink Pvt Ltd, though, substantial investment has been recorded by the AO in the assessment order. Similarly, for AY 2012-13, the AO ITO Ward-11(2) Kolkata has accepted the return of income of Mausam Tradelink Pvt Ltd. The relevant paragraphs of assessment order of Mausam Tradelink Pvt Ltd for AY 2012-13 dated 12.09.2019 is reproduced here as under: “The case was taken up for verifying/examining the identity, genuineness & creditworthiness of the share capital & premium. In regard to the treatment of share capital/premium by the A.O., as unexplained cash credit u/s 68 of the Act, the Assessee company, vide the office letter dated 29-7-19 was requested to furnish some

14 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

details/documents. The assessee company wide its letter dated 01- 08-2019 furnished the details/documents including the share application transaction of investor reflecting in bank accounts. The assessee company during the relevant previous year received value of share capital/premium of Rs. 10,22,50.0001- as under. Name of applicant No. of Face Premium Total (Rs.) share value value per per share share (Rs.) Taptrack Vinimay 600 1/- 1,999/- 12,00,000/- (p) Ltd. Divya Capital 50,100 1/- 1,999/- 10,02,00,000/- Services Ltd. Prosperity 375 1/- 1,999/- 7,50,000/- Coomodeal (P) Ltd. Ramu Saha 5000 10/- 0/- 50,000/- Ranjan Kumar 5000 10/- 0/- 50,000/- Saha Ramu Saha & Ranjan Kumar Saha are the subscriber of the memorandum. Summons u/s 131 of the I,T .Act 61 was issued to the assessee Masten Tradelink (P) Ltd. In compliance to the notice u/s 131 of the Act, the director of the assessee company appeared & his statement have been recorded placed on record.

Summons u/s 131 of the l.T ,Act' 61 were issued to the share applicants M/s Toptrack Vinimay (P) Ltd. Divya Capital Services Ltd., Prosperity Commodeal (P) Ltd.

In compliance to the notice u/s 131 of the Act, the directors of M/s. Toptrack Vinimay (P) Ltd., Divya Capital Services Ltd., & Prosper. Commodeal (P) Ltd. appeared & their statements have been recorded & placed on record. The three ingredient i.e,, identity of the share application creditworthiness of transaction with source and the genuineness of transaction found to have been established.

15 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. The case was heard and discussed. Subject to above. total income of the assessee company taken as per the return at Rs.(-)3,986/-.

Thus, the ITO Ward 11(2), Kolkata who was AO of Mausam 16. Tradelink Pvt Ltd has verified the investments received by Mausam Tradelink Pvt Ltd and has accepted genuineness of the investment and creditworthiness of the investors. Thus, on one hand ITO Ward 11(2), Kolkata accepted investment to be genuine in the case of Mausam Tradelink Pvt Ltd, on the other hand the AO of Vizag Impex Pvt. Ltd alleged that investment made in Mausam Tradelink Pvt Ltd were not genuine. Thus, there is no consistency in the views taken by ITOs on the same facts.

17.

In this case, the assessee has fulfilled onus casted on it by filing all the relevant documents, which we have already discussed above. The AO alleged that Mausam Tradelink Pvt Ltd is a paper company but assessee by filing assessment orders of Mausam Tradelink Pvt Ltd , by filling copy of Certificate of Incorporation issued by ROC, proved that Mausam Tradelink Pvt Ltd is not a paper company. This proves identity of the investor company. We have already analysed the financials of Mausam

16 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. Tradelink Pvt Ltd and arrived at the conclusion that it had sufficient funds when it invested in Assessee company. Rather the AO of Mausam Tradelink Pvt Ltd has accepted the Investments of Mausam Trade Link Pvt Ltd in the Assessment Order of Mausam Trade Link Pvt Ltd reproduced above, means Income Tax Department has accepted that Mausam Trade Link Pvt Ltd is genuine company having substantial funds to invest in other company, which proves genuineness of the transaction and credit worthiness of the investor.

18.

On identical facts ITAT Raipur in ITA Nos.95/RPR/2020 in the case of ITO vs Shree Banke Bihari Infracon P Limited vide order dated 18/3/2024, [2024] 115 ITR (T) 223 (Raipur Trib) held as under :

Quote, “27. Apropos the observation of the A.O. that the investor company, viz. M/s. Modakpriya Merchandise P. Ltd. had disclosed income of Nil and failed to generate any revenue during the year under consideration, we are afraid that considering the totality of the facts involved in the present case before us, adverse inferences as regards the authenticity of the transaction under consideration could not have been merely drawn by the A.O on the said standalone basis. Our aforesaid view is supported by the order of the ITAT, Raipur in the case of Anjani Associates Vs. ITO, ITA No.27/RPR/2018 dated 10.08.2018 for A.Y.2014-15. The Tribunal had observed, that merely

17 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

because lender companies had done meager business or have declared meager income, the same could not be a ground to disbelieve their creditworthiness especially when their respective “balance sheets” showed sufficient capital and reserves to advance such loans to the assessee company. Also, a similar view had been taken by the Hon'ble High Court of Bombay in the case of Pr. CIT Vs. AMI Industries (India) P. Ltd. (2020) 424 ITR 219 (Bom.). In the case before the Hon'ble High Court, the A.O had observed, that though the share applicant company was in existence and had filed its income tax return for the year under consideration but had very meager income as disclosed in the return of income, thus, for the said reason, had doubted their creditworthiness. On appeal, the Tribunal, inter alia, observed that as the creditworthiness of the parties was proved from the bank accounts which revealed that they had funds to make payment for share application money and the said transaction was proved as per the resolution passed in the meeting of the board of directors, thus, no adverse inferences as regards the authenticity of the assessee’s claim of having received genuine share application money from them was liable to be drawn. The aforesaid view taken by the Tribunal, had thereafter, been approved by the Hon'ble High Court, which had dismissed the appeal filed by the revenue. Also, our aforesaid view is supported by the order of ITAT, Surat in the case of Pr. CIT Vs. Gandhi Capital (2022) 194 ITD 396 (Surat) and that of ITAT, Kolkata in the case of BST Infratech Ltd. Vs. Deputy Commissioner of Income-tax [2023] 146 taxmann.com 406 (Kolkata – Trib.). 28. We, thus, based on our aforesaid observations, find no infirmity in the view taken by the CIT(Appeals) who had rightly observed that as the assessee company had duly discharged the onus that was cast upon it as regards proving identity and creditworthiness of the share applicant company, viz. M/s. Modakpriya Merchandise P. Ltd. and also, the genuineness of the transaction of receipt of share application money from the said investor, uphold the same. 29. In the result, the appeal filed by the revenue in ITA No.95/RPR/2020 for A.Y.2013-14 is dismissed in terms of our aforesaid observations.” Unquote.

18 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

19.

Hon’ble Delhi High Court in the case of Principal Commissioner of Income-tax v. Agson Global (P.) Ltd. has observed as under : Quote, “1.7 It is important to bear in mind that section 68 empowers the AO (provided all others ingredients are met) to tax credits found in the books of accounts maintained by the assessee for any previous year, for which he offers no explanation about its nature and source. The first proviso, which was inserted by Finance Act, 2012 in the context of share application money, share capital, share premium or any other amount by whatever name called, engrafted a deeming section as to when the explanation would be considered satisfactory. Pertinently, motivation of the assessee in routing its own money (which was given to the investor entities in the form of loan, etcetera) as an investment in share capital/share premium has not been adverted to therein. That motivation is not the basis for attracting the provisions of the Income-tax Act, if otherwise, an assessee does not fall within its net, is a well-established principle. This principle, in our view, should also apply to section 68 of the Act. [See Aruna Group of Estates Bodinayakanur v. State of Madras 1961 SCC online Mad. 2522; CIT v. A. Raman & Co. [1968] 67 ITR 11 (SC)3; CIT v. T.K.E. Ibrahimsa Routher 1928 SCC OnLine Mad 214; S. Raghbir Singh Sandhawalia v. CIT [1958] 34 ITR 719 (Punj. & Har.)5.]” Unquote.

20.

Ld.AR had relied on the above referred decision of ITAT Raipur during the hearing. Ld.DR has not brought on record any distinguishing fact or has not brought on record any decision of Hon’ble High Court contrary to the above decision. Therefore, the decision of ITAT Raipur(supra) is binding precedence for us.

19 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd. 20.1 In these facts and circumstances of the case, for all the reasons discussed in earlier paragraphs, respectfully following ITAT Raipur’s decision (supra), we do not find any merit in the addition made by the AO under section 68 of the Act of Rs.2,65,20,000/-. Accordingly, we direct Ld. AO to delete the addition of Rs.2,65,20,000/-. Accordingly, ground Nos. 1 and 2 raised by the assessee are allowed.

21.

Ground No. 3 was not pressed by assessee, hence, dismissed as not pressed.

22.

Ground No. 4 is general in nature and do not need any adjudication, accordingly, dismissed.

23.

Accordingly, appeal of the assessee is partly allowed.

Order pronounced on this 30th day of July, 2026.

Sd/- Sd/- (PARTHA SARATHI CHAUDHURY) (Dr. DIPAK P. RIPOTE) JUDICIAL MEMBER ACCOUNTANT MEMBER रायपुर / Raipur; िदनांक / Dated : 30th July, 2026. HKS, PS

20 ITA No. 703/RPR/2025 M/s Vizag Impex Pvt Ltd.

आदेश की �ितिलिप अ�ेिषत / Copy of the Order forwarded to : अपीलाथ� / The Appellant. 1. ��थ� / The Respondent. 2. 3. The Pr. CIT concerned. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, “SMC” ब�च, 4. रायपुर / DR, ITAT, “SMC” Bench, Raipur. गाड� फ़ाइल / Guard File. 5.

आदेशानुसार / BY ORDER, Digitally signed Hem Kumari by Hem Kumari Shrivastava, Shrivastava, PS, //True copy// PS, ITAT, ITAT, Raipur Date: 2026.07.30 Raipur 18:11:05 +05'30' // True Copy // Private Secretary, आयकर अपीलीय अिधकरण, रायपुर / ITAT, Raipur.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Latest GST High Court judgments

Search GST case law →