VIJAYGROUP HOUSING PRIVATE LIMITED,MUMBAI vs. NFAC CIT(A), MUMBAI

ITA 5281/MUM/2024Status: DisposedITAT Mumbai29 April 2025AY 2016-17Bench: RAJ KUMAR CHAUHAN (Judicial Member), SHRI OM PRAKASH KANT (Accountant Member)2 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to produce any documents to substantiate the claimed expenditure or loan. The legal ground regarding the Corporate Insolvency Resolution Process (CIRP) was also rejected based on previous findings.

What were the facts?

The assessee, engaged in construction and real estate, filed returns declaring nil income. Information was received about the assessee being a beneficiary of accommodation entries sourced through intermediaries from entities involved in illegal online betting. The case was reopened, and additions were made for unexplained cash expenditure.

What were the issues?

Whether the addition for unexplained cash expenditure is valid when the assessee fails to provide supporting evidence. Whether the Corporate Insolvency Resolution Process (CIRP) bars assessment proceedings.

Which sections of the Income-tax Act were involved?

Section 69C,Section 148,Section 143(1),Section 142(1),Section 133(6),Section 68

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “F”, MUMBAI

Before: RAJ KUMAR CHAUHAN & SHRI OM PRAKASH KANT

For Appellant: Shri. RAjnish Vohra a/w. Mr. Parth Gupta
For Respondent: Shri. Pravin Salunkhe
Pronounced: 29.04.2025

Heard together (2 matters)

ITA No. 5280/MUM/2024
ITA No. 5281/MUM/2024

Read from the judgment's own cause title. This page is filed under one of them.

PER RAJ KUMAR CHAUHAN (J.M.):

1.

By this common order we propose to dispose of ITA No. 5281/Mum/2024 for AY 2016-17 and ITA No. 5280/Mum/2024 for AY 2019-20 because both the appeals pertains to the same appellant/assessee and the impugned orders challenged are also of the same date, therefore, in order to avoid multiplicity of decision, both the appeals are being disposed of simultaneously vide this ITA No. 5280 & 5281/Mum/ 2024 Vijaygroup Housing Pvt. Ltd. common order. Both this appeals are directed against sep

The order continues below.

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