M/S. SANTOSHI INFRAPROJECTS PVT. LTD.,KOLKATA vs. ITO, WARD - 14(4), KOLKATA, KOLKATA

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ITA 2119/KOL/2017Status: DisposedITAT Kolkata24 August 2018AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the CIT(A)'s order did not consider the documentary evidence of the investors and lacked details about them. Therefore, the case was remitted back to the CIT(A) for fresh adjudication.

What were the facts?

The assessee's share capital/premium of ₹1,78,50,000/- was treated as unexplained credits under Section 68. The CIT(A) passed an ex parte order affirming the Assessing Officer's action without considering the investors' documentary evidence.

What were the issues?

Whether the CIT(A) erred by passing an ex parte order without considering the documentary evidence of investors and whether the share capital/premium was correctly treated as unexplained credit.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 250(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “D” 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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