PAX TRAVELS PRIVATE LIMITED,KOLKATA vs. DCIT CENTRAL CIRCLE 4(3), KOLKATA, KOLKATA

ITA 187/KOL/2026Status: DisposedITAT Kolkata25 September 2026AY 2011-124 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the assessee had provided all necessary documents, including amalgamation orders and updated company data, which the CIT(A) had ignored. Therefore, the addition was not sustainable.

What were the facts?

The assessee received share application money from three subscribers. The AO added a portion of this amount as unexplained cash credit. The CIT(A) sustained the addition for one subscriber, citing non-existence on the ROC website.

What were the issues?

Whether the addition of share application money as unexplained cash credit is justified when the assessee has provided sufficient documentary evidence, including company incorporation and amalgamation details.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, KOLKATA

For Appellant: Shri Robin Maheshwari &
For Respondent: Shri Praveen Das Chowdhury
Hearing: 25.08.2026Pronounced: 25.09.2026

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the Commissioner of Income-tax (Appeals) Kolkata- 27, (hereinafter referred to as the “Ld. CIT(A)”] dated 24.09.2024 for the AY 2012-13. 2. The only issue raised by the assessee is against the confirmation of addition of ₹20.00 lacs received from M/s Evergreen Barter Pvt. ltd.,which was added by the Ld. AO as unexplained cash credit u/s 68 of the Act .

3.

The facts in brief are that during the year the assessee has raised ₹1,10,00,000/- by way of share subscriber/ share Pax Travels Private Limited; A.Y. 2011-12 application money from three subscribers namely M/s Cale

The order continues below.

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