ZYKA MERCHANDISE PRIVATE LIMITED ,INDORE vs. ITO -13(3) (4), MUMBAI

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ITA 4297/MUM/2025Status: DisposedITAT Mumbai17 June 2026AY 2010-1111 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal due to the director's ill health and the accountant leaving the job. The Tribunal noted that the assessee had provided substantial documentation and that the CIT(A) had relied on external material without confronting the assessee.

What were the facts?

The assessee received share capital with premium amounting to Rs. 7,02,50,000 from 16 parties. The Assessing Officer made an addition under Section 68 as unexplained cash credit, stating the investors were not produced and their creditworthiness was not proven. The CIT(A) dismissed the assessee's appeal.

What were the issues?

Whether the addition under Section 68 for share capital with premium was justified when the assessee provided documentary evidence and the CIT(A) passed the order without proper consideration of submissions and natural justice.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

आदेशकी�ितिलिपअ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ�/ The Appellant 2. ��थ�/ The Respondent. 3. आयकरआयु�/ The CIT 4. �धान आयकर आयु� / Pr.CIT 5. िवभागीय�ितिनिध ,आयकरअपीलीयअिधकरण ,मुंबई/ DR, ITAT, Mumbai गाड�फाईल 6. / Guard file.

आदेशानुसार/ BY ORDER, स�ािपत�ित //True Copy//

उप/सहायकपंजीकार /(Dy./Asstt.Registrar) आयकरअपीलीयअिधकरण, मुंबई / ITAT, Mumbai

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