SAVITRI REALBUILD PVT. LTD.,KOLKATA vs. ITO, WARD - 2(4), KOLKATA

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ITA 2472/KOL/2018Status: DisposedITAT Kolkata13 September 2019AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the Assessing Officer had not examined the assessee's detailed evidence. Therefore, the case was restored to the Assessing Officer for fresh adjudication.

What were the facts?

The assessee's share application money was treated as unexplained cash credits by the lower authorities. The Assessing Officer noted non-compliance with summons and lack of details for verification, while the CIT(A) found submitted evidence insufficient to prove genuineness.

What were the issues?

Whether the share application money received by the assessee constituted unexplained cash credits under Section 68 of the Income Tax Act, 1961, and if the lower authorities had properly examined the evidence.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “A” KOLKATA

Before: Shri S.S.Godara & Dr. A.L. Saini

O R D E R

PER S.S.Godara, Judicial Member:

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