M/S MAA KALI ADVISORY PRIVATE LIMITED,OLD COURT HOUSE CORNER vs. ITO, WARD 8(1), KOLKATA, AAYAKAR BHAWAN

ITA 2500/KOL/2026Status: DisposedITAT Kolkata25 September 2026AY 2009-1011 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged its onus by providing all necessary documentation regarding the share subscribers. The AO's addition was based solely on an investigation report without pinpointing defects in the evidence provided by the assessee.

What were the facts?

The assessee received ₹2.00 crores as share capital/premium from M/s Mandapam Commercial Ltd. The Assessing Officer (AO) treated this as an unexplained cash credit based on an investigation report, despite the assessee providing details of the subscriber, including PAN, address, and financials. The CIT(A) confirmed the AO's addition.

What were the issues?

Whether the addition of share capital/premium as unexplained cash credit is justified when the assessee has provided sufficient evidence regarding the identity, creditworthiness, and genuineness of the transaction?

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, KOLKATA

For Appellant: Shri A.K. Tulsiyan
For Respondent: Shri Rishikesh Pandey, DR
Hearing: 15.09.2026Pronounced: 25.09.2026

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 15.06.2026 for the AY 2009-10. 2. The only issue raised in the various grounds of appeal is against the confirmation of addition of ₹2.00 crores as made by the ld. AO in respect of share capital/ share premium.

3.

The facts in brief are that the assessee filed the return of income on 23.09.2009, declaring total income at ₹2,526/-. M/s Maa Kali Advisory Private Limited; A.Y. 2009-10

The case of the assessee was reopened u/s 147/ 148 of the Income-tax Act, 1961

The order continues below.

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