SHREE SALASAR COMMERCIAL COMPANY PRIVATE LIMITED,WEST BENGAL vs. I.T.O WARD 10(1), KOLKATA, WEST BENGAL

ITA 1131/KOL/2024Status: DisposedITAT Kolkata30 January 2026AY 2012-13Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)9 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal noted that the assessee had filed evidence before the CIT(A) but the appeal was dismissed without considering it. In the interest of justice, the Tribunal set aside the CIT(A)'s order and restored the issue to the Assessing Officer for de novo assessment. The assessee was directed to provide evidence for the source of share capital and justify the share premium charged, and the AO was to examine directors of investor companies.

What were the facts?

The assessee company filed a return of income showing Nil income. The case was selected for scrutiny due to a large share premium received. Notices were issued, but there was no compliance, leading to an addition of Rs. 34,62,00,000/- under Section 68 of the Income Tax Act. The CIT(A) dismissed the appeal, holding that the identity, genuineness, and creditworthiness of share applicants were not proven and additional evidence could not be accepted.

What were the issues?

Whether the CIT(A) erred in dismissing the appeal without considering the evidence filed by the assessee, and whether the assessment order was passed without providing adequate opportunity of being heard.

Which sections of the Income-tax Act were involved?

Section 250,Section 143(3),Section 68,Section 234A,Section 234B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘C’ BENCH, KOLKATA

Before: SHRI GEORGE MATHAN & SHRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2012-13 dated 02.04.2024. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal:

“1. That the National Faceless Appeal Centre (NFAC) erred on facts and in law, in not quashing the impugned assessment order dated 21.03.2015 passed under section 143(3) of the Income-tax Act ("the Act"), being beyond juri iction, bad in law and void-ab-initio, having been passed

The order continues below.

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