GRAPES HOTELS RESORTS PRIVATE LIMITED ,GUWAHATI vs. ITO-WARD --3(5) GUWAHATI, GUWAHATI

ITA 235/GTY/2024Status: DisposedITAT Guwahati12 February 2026AY 2012-13Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI LAXMI PRASAD SAHU (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal noted that the case was reopened based on information that the assessee received Rs. 25 lacs as share application money from a shell company. The assessee failed to prove the creditworthiness of the share applicants even before the Ld. CIT(A). However, considering the assessee's prayer for another opportunity, the Tribunal remitted the issue back to the AO for fresh consideration.

What were the facts?

The assessee company received share application money from two companies, Kamna Sales Ltd. and Gliter Commosale Pvt. Ltd. The Assessing Officer (AO) added the entire share application money to the assessee's income under Section 68 of the Income Tax Act, 1961, as the assessee failed to prove the creditworthiness of the applicants. The Ld. CIT(A) upheld the AO's order, noting that one of the investor companies was struck off by the ROC and had no business activity.

What were the issues?

Whether the assessee has discharged its onus to satisfy the conditions of Section 68 of the Income Tax Act, 1961, regarding the genuineness and creditworthiness of share application money received from newly incorporated companies.

Which sections of the Income-tax Act were involved?

Section 68,Section 139,Section 147,Section 148,Section 250,Section 133(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “GUWAHATI BENCH”, GUWAHATI

For Appellant: CA :
Hearing: 04.02.2026Pronounced: 12.02.2026

PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER

This is an appeal filed by the assessee against the order passed u/s 250 of the Income Tax Act, 1961 (hereafter “the Act”) by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereafter “the Ld. CIT(A)] dated 29.12.2023, DIN & order

2 Grapes Hotels Resorts Pvt. Ltd. No. ITBA/NFAC/S/250/2023-24/ 1059175246(1) challenging the order passee by the Ld. CIT(A) as per the grounds of appeal.

2.

Briefly stated the facts of the case are that the assessee filed return of income u/s 139 on 29.08.2012 declaring income of Rs. 1,73,542

The order continues below.

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