Agarwal Coal Corporation Private Limited v. Assistant Commissioner of Income Tax

Principal Commissioner of Income Tax 2 Kolkata vs. M/S Mundhra Construction Private Limited

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- The Hon'Ble Justice Chaitali Chatterjee (Das)

…on-appearance of the directors only strengthen on this point. Reference was made to the decision of CIT vs. Precision Finance Pvt. Ltd. [208 ITR 465] and another decision of the learned tribunal in the case of Agarwal Coal Corpn. [Pvt.] Ltd. vs. Asstt. CIT 63 DTR 20, and, ultimately, assessment was completed holding that the share application money received along with premium amounting to Rs.2,82,10,798/- remained unexplained and was, accordingly, added back under section 68 of the Act. The assessee was informed that penalty proceeding under section 271(1)(c) will be initiated separately. The assessee car…

Balgopal Merchants Pvt Ltd vs. Principal Commissioner of Income Tax 2 Kolkata

Accordingly, the appeal fails and is dismissed

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…this court in Commissioner of Income Tax Versus Precision Finance Private Limited 2008 ITR 465 as well as the decision of the Indore Bench of the tribunal in the case of Agarwal Coal Corporation Private Limited Versus Assistant Commissioner of Income Tax 63 DTR 20 and observed that merely because the companies were registered with ROC, were filing the return of income having Pan Card/bank accounts will not go to establish the identity of the company as they might have been existing on paper or in the real sense at the time of registration that were specifically found to be non- existent. 6. Fur…