ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, KANPUR vs. BLUE WORLD CORPORATION PRIVATE LIMITED, KANPUR

ITA 439/LKW/2023Status: DisposedITAT Lucknow25 May 2026AY 2013-1423 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the share applicant company, M/s Newjet Trexim Pvt. Ltd., had sufficient creditworthiness and that the amounts received by the assessee were either explained or had already been taxed in the hands of the share applicant.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made under Section 68 and 69C of the Income Tax Act. The additions were related to share application money and unexplained funds received from M/s Newjet Trexim Pvt. Ltd., which the AO considered to be from shell companies.

What were the issues?

Whether the additions made on account of share application money and unexplained funds were justified, and whether the share applicant had sufficient creditworthiness to provide the funds.

Which sections of the Income-tax Act were involved?

Section 68,Section 69C,Section 147,Section 148,Section 133A,Section 131,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH “B”, LUCKNOW

Before: SHRI. SUDHANSHU SRIVASTAVA & SHRI NIKHIL CHOUDHARY

For Appellant: Shri R.R.N. Shukla, D.R

PER BENCH: These appeals have been preferred by the Revenue against the orders dated 17.10.2023 and 18.10.2023, passed by the Commissioner of Income Tax (Appeals), Kanpur – 4 [Ld. CIT(A) ] for Assessment Year 2013-14. 2.0 The brief facts of the case are that the assessee- company is a Private Limited Company. A survey action under section 133A of the Income Tax Act, 1961 (hereinafter called 'the Act’) in the case of the assessee was carried out on 07.02.2018. Thereafter, the case of the assessee was centralized with the juri iction of DCIT, Central Circle-I, Kanpur, vide order dated 21.01.2021 passed under section 127 of the Act. The assessee

ITA Nos.438 & 439/LKW/2023 filed its return of

The order continues below.

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