SATYENDRA FOOD PRODUCTS PVT. LTD.,KOLKATA vs. ACIT, CIR. 11(2), KOLKATA

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ITA 283/KOL/2022Status: DisposedITAT Kolkata31 October 2022AY 2011-124 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the funds originated from the repayment of loans given by the company and were transferred from its own bank account held under its old name, the addition made by the AO under Section 68 was unjustified. The Tribunal found that the assessee had provided sufficient details regarding the source of the funds.

What were the facts?

The assessee company, originally named M/s. Snow Bird Vinimay Pvt. Ltd., received Rs. 27 lakhs in its bank account as repayment of loans. This amount was then transferred to the bank account of the assessee under its current name, Satyendra Food Products Pvt. Ltd. The Assessing Officer (AO) treated this as an unexplained cash credit.

What were the issues?

Whether the transfer of funds from the company's bank account under its old name to its current name constitutes an unexplained cash credit under Section 68 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BENCH “A-SMC”KOLKATA

Before: Shri Manish Borad

आदेश खुले �यायपीठ म� �दनांक 31-10-2022 को उ�घो�षत। The order pronounced in the open Court on 31-10-2022

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