ITO, WARD-4(1), KOLKATA, KOLKATA vs. M/S THANWAS INVESTMENTS LTD., KOLKATA

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ITA 1186/KOL/2017Status: DisposedITAT Kolkata22 November 2018AY 2012-132 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found no infirmity in the CIT(A)'s order and dismissed the grounds raised by the Revenue. The Revenue failed to provide any contrary evidence.

What were the facts?

The Revenue appealed against the CIT(A)'s order for AY 2012-13. The CIT(A) found that the assessee had not raised any share capital or share application money during the year.

What were the issues?

Whether the CIT(A) was correct in holding that no share capital/share application money was raised by the assessee during the year under consideration.

Which sections of the Income-tax Act were involved?

N/A

AI-generated summary — verify with the full judgment below

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

Hearing: 08.11.2018Pronounced: 22.11.2018

ORDER

PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER

1.

This appeal by the Revenue against the order dated 27.03.2017 passed by CIT(A)-2, Kolkata for AY 2012-13.

2.

Heard both parties and perused the material available on record. It is noted from the record that the CIT(A) examined the assessment record and found no share capital/share application money was raised by the assessee during the year under consideration. Ld.DR did not bring any evidence on record contrary to the said finding of the CIT(A). We find no infirmity in the order of CIT(A). Therefore, Ground Nos. 1, 2 & 3 raised by the Revenue are dismissed.

3.

In the result, the appeal of the Revenue is dismissed. Order pronounced in the open court on 22.11.2018.

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