M/S SWADIST SWEETS PVT. LTD.,HOWRAH vs. I.T.O, WD-12(2), KOLKATA

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ITA 2433/KOL/2019Status: DisposedITAT Kolkata19 February 2020AY 2011-122 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the Assessing Officer failed to establish any corresponding transactions or provide evidence for the bogus loss addition. Therefore, the addition was directed to be deleted.

What were the facts?

The assessee challenged an addition of ₹15,00,000 as bogus loss. The amount was received from M/s Dolphin Shoppers Pvt. Ltd. through bank transfer.

What were the issues?

Whether the addition of bogus loss was made without proper evidence and corresponding transactions between the parties.

Which sections of the Income-tax Act were involved?

Section 144,Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

आदेश /O R D E R This assessee’s appeal for assessment year 2011-12, arises against the Commissioner of Income-tax (Appeals)-17, Kolkata’s order dated 17.09.2019 passed in case No.103/CIT(A)-17/Kol/18-19, involving proceedings u/s. 144 r.w.s. 147 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

2.

The assessee’s sole substantive grievance pleaded in the instant appeal challenges correctness of both the lower authorities’ action making bogus loss addition of ₹15,00,000/- during the course of assessment as upheld in lower appellate proceedings.

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