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Income Tax Appellate Tribunal, KOLKATA BENCH (SMC
Before: Shri P.M. Jagtap, AM]
order : January 31, 2018 ORDER This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) -7, Kolkata dated 28.04.2016 passed ex-parte dismissing the appeal of the assessee.
The assessee in the present case is a company which is engaged in the business of manufacturing of bricks as well as construction. The return of income for the year under consideration was filed by it on 13.10.2010 declaring a total income of Rs. 7,20,479/- In the assessment completed under section 143(3) vide an appeal order dated 20.03.2013, the total income of the assessee was determined by the assessee at Rs. 38,20,479/- after making an addition of Rs. 31,00,000/- on account of share application money by treating the same as unexplained cash credit under section 68.