M/S BLUPEX NIRYAT PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE 3(3), KOLKATA

The present appeal filed by the assessee arises from order dated
11.08.2025passed u/s 250 of the Income Tax Act, 1961 (hereafter “the Act”) by the Ld. Commissioner of Income Tax (Appeals), Kolkata-
21[hereafter “the Ld.CIT(A)].
2. The only issue raised by the assessee against the order of Ld. CIT(A) confirming the addition of Rs. 10.00 lacs as made by the AO u/s 68 of the Act as unexplained cash credit in respect of share application money received from M/s Point view Pvt. Ltd.
3. The facts in brief are that the assessee filed return of income on 15.09.2009 declaring total income of Rs. 15,000/-. Thereafter, the case of the assessee was reopened u/s 147 of the Act by issuing notice u/s 148

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BlupexNiryat Private Limited of the Act on 17.03.2016. In compliance the assessee filed return of income on 04.10.2016. Thereafter, notice u/s 143(2) and 142(1) of the Act along with questionnaire were duly filed by the assessee and the assessee filed before the AO name, address, PAN, balance sheet, bank statement etc. to prove the genuineness of share application money received. The ADIT (Inv.), Unit 3(4) issued summons u/s 131 of the Act to the allottee company which was not responded. We note that the assessee has issued 10,000 equity shares at the face value of Rs. 10/- and premium of Rs. 90/-. Consequently, the AO added the amount u/s 68 of the Act which was confirmed by the Ld. CIT(A).
4. We note that the assessee has furnished all the details the information/details before the AO as well as the Ld. CIT(A) but neither of them done any verification nor pointed out any defect in the evidences filed by the assessee. The ld CIT(A) confirmed the addition merely on the ground that there was no compliance to summons u/s 131 of the Act by allottee company. In our opinion, this cannot be a ground for making the addition in the hands of the assessee as has been held in the case of CIT
Vs. CIT 353 ITR 171 (Kol), (iv)ITO Vs. M/s. Cygnus Developers India Pvt.
Ltd.(ITA No. 282/Kol/2012) and (v) Joy Consolidated Pvt. Ltd. Vs. ITO
(ITA No. 547/Kol/2020. Consequently, we set aside the order of Ld. CIT(A) and direct the AO to delete the addition.
5. In result, appeal of the assessee is allowed.
Order pronounced on 23.12.2025 (Rajesh Kumar)
Accountant Member
Dated: 23.12.2025

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BlupexNiryat Private Limited

AK,Sr. P.S.

Copy of the order forwarded to:
1. Appellant
2. Respondent
3. Pr. CIT
4. CIT(A)

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By order