M/S. ASHA PROPERTIES PVT. LTD.,KOLKATA vs. D.C.I.T., CC - 4(3), KOLKATA

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ITA 274/KOL/2026Status: DisposedITAT Kolkata24 August 2026AY 2011-20127 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and remanded the matter to the AO. The assessee was directed to produce directors of the first and second layer applicant companies to establish identity, creditworthiness, and genuineness of the transaction.

What were the facts?

The assessee company received share application money of Rs. 20,00,000/- at a high premium. The Assessing Officer (AO) and CIT(A) confirmed the addition, finding the share applicant lacked creditworthiness and the transaction was not genuine, suspecting it was an accommodation entry.

What were the issues?

Whether the reopening of assessment was valid and whether the addition on account of share application money was justified without proper substantiation of the source and genuineness of the funds.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 133(6),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH AT KOLKATA

Before: SHRI YOGESH KUMAR US & SHRI RAKESH MISHRA

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘SMC’ BENCH AT KOLKATA Before SHRI YOGESH KUMAR US, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No(s). 274/KOL/2026 Assessment Year(s) 2011-12 M/s. Asha Properties Pvt. Ltd. D.C.I.T., Central Circle- 4(3), Kolkata Biowonder, 789, Anandapur Main Road, Kolkata, West Aayakar Bhawan Poorva, Vs. Bengal, 700107. 110, Shanti Pally, E.M. Bypass, Kolkata, West Bengal, 700107. (Appellant) (Respondent) PAN: AACCA3803G Appearances: Assessee represented by : Robin Maheswari, AR. Department represented by : Sumit Purkaystha, Sr. DR. Date of concluding the hearing : 13.08.2026 Date of pronouncing the order : 24.08.2026 ORDER PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)-27, Kolkata [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for AY 2011-12 dated 12.12.2025.

2.

The assessee is in appeal before the Tribunal raising the following grounds of appeal: "1. That the Ld. CIT(A)-27, Kolkata erred in law and on facts in confirming the reopening of assessment under section 147 of the Income-tax Act, 1961, which was initiated without any tangible material and merely on the basis

Deputy/Assistant Registrar ITAT, Kolkata Benches Kolkata

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