PASUPATI RICE MILLS PRIVATE LIMITED,PATNA vs. INCOME TAX OFFICER WARD 2(2) PATNA, PATNA

ITA 476/PAT/2024Status: DisposedITAT Patna22 May 2026AY 2013-147 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the Assessing Officer erred in treating the entire share application money and premium as unexplained cash credit. The matter was remanded back to the Assessing Officer for fresh adjudication after considering the evidence regarding the share allotment against land transfer.

What were the facts?

The assessee company, Pasupati Rice Mills Private Limited, received share capital and premium amounting to Rs. 3,24,00,000/- from promoters and related persons. As the company's manufacturing unit was under construction and no return was filed, the AO issued a notice under Section 148, treating the share application money and premium as unexplained cash credit under Section 68.

What were the issues?

Whether the share application money and premium received by the assessee could be treated as unexplained cash credit under Section 68, and if the AO correctly initiated proceedings under Section 147.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 139,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “PATNA BENCH, PATNA

Before: Shri Laxmi Prasad Sahu & Shri Sonjoy Sarma

Per Sonjoy Sarma, Judicial Member:

The present appeal filed by the assessee is directed against the order dated 25.06.2024 passed by the NFAC, Delhi [hereinafter referred to as the ‘Ld. CIT(A)] u/s 250 of the Income Tax Act, 1961 (the ‘Act’) for the assessment year 2013-14. 2. Brief facts of the case are that, the assessee is a Private Limited Company duly incorporated under the provisions of the Companies Act for the purpose of establishing a rice mill. During the relevant assessment year 2013-14, the assessee allotted shar

The order continues below.

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