ACIT -CENTRAL CIRCLE-1,, LUDHIANA vs. M/S OSWAL TRENDS PVT. LTD., LUDHIANA

PDF · subscribers
ITA 29/CHANDI/2022Status: DisposedITAT Chandigarh17 December 2024AY 2012-13Bench: SHRI SANJAY GARG (Judicial Member), SHRI KRINWANT SAHAY (Accountant Member)43 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s deletion of major additions related to share application money and unsecured loans, finding that the assessee had provided sufficient evidence to prove the identity, financial capacity, and genuineness of the transactions.

What were the facts?

The appeals arose from assessments conducted under Section 153A following a search action. The Assessing Officer made additions on account of share application money and unsecured loans received by the assessee companies.

What were the issues?

Whether the additions made by the Assessing Officer on account of share application money and unsecured loans were justified, considering the evidence provided by the assessee.

Which sections of the Income-tax Act were involved?

Section 153A,Section 132

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(7)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Heard together (6 matters)

ITA No. 29/CHD/2022
ITA No.429/CHD/2021
ITA No. 27/CHD/2022
ITA No. 432/CHD/2021
ITA No. 26/CHD/2022
ITA No. 28/CHD/2022

Read from the judgment's own cause title. This page is filed under one of them.

आदेशानुसार/ By order, Assistant Registrar ,27, 28 & 29/CHD/2022, 429 & 432/Chd/2021- Oswal Trend (P) Ltd. & Others, Ludhiana 43

ITAT, Chandigarh

More judgments on Section 153A

All 18,957 judgments and leading authorities on Section 153A →

Recent GST High Court judgments

Search GST case law →