M/S. SEVEN HILL HARDWARE MERCHANTS (P) LTD.,KOLKATA vs. ITO, WARD - 7(3), KOLKATA

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ITA 2079/KOL/2018Status: DisposedITAT Kolkata30 September 2022AY 2012-136 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the addition of Rs. 107.43 crores made under Section 68 of the Income Tax Act. The assessee consistently failed to appear before the AO, CIT(A), and the Tribunal, indicating a lack of plausible explanation for the huge share capital and security premium.

What were the facts?

The assessee company, incorporated in February 2011, declared Nil income for AY 2012-13. The Assessing Officer (AO) made a best judgment assessment, adding Rs. 107.43 crores for unexplained share capital and security premium, as the assessee failed to provide any submissions or evidence.

What were the issues?

Whether the addition of unexplained share capital and security premium under Section 68 is justified when the assessee fails to provide any evidence or explanation despite multiple opportunities.

Which sections of the Income-tax Act were involved?

Section 68,Section 144,Section 143(2),Section 142(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BENCH “A”KOLKATA

Before: Shri Manish Borad & Shri Sonjoy Sarma

आदेश खुले �यायपीठ म� �दनांक …-09-2022 को उ�घो�षत। The order pronounced in the open Court on 30.09.2022 Sd/- Sd/- ( SONJOY SARMA) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated :30 -09-2022 **PP/SPS

5.

M/s. Seven Hill Hardware Merchants P.Ltd.

आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1.अपीलाथ�/Appellant/: M/s. Seven Hill Hardware Merchants P.Ltd. 12 B.B Ganguly Street, Kolkata-700 069. 2. ��यथ�/Respondent/:Income Tax Officer, Ward 7(3), Aaykar Bhawan, P-7 Chowringhee Square, Kolkata-700 069. 3. संबं�धत आयकर आयु�त / Concerned CIT 4. आयकर आयु�त- अपील / CIT (A) 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण कोलकाता / DR, ITAT, Kolkata 6.गाड�फाइल/Guardfile. By order/आदेश से, /True Copy/ Assistant Registrar ITAT, Kolkata

6.

M/s. Seven Hill Hardware Merchants P.Ltd.

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