ITO, WD-44(2), KOLKATA, KOLKATA vs. M/S M. PRASAD & CO. LTD., KOLKATA
In the result, the appeal filed by the revenue is dismissed
ITA 1159/KOL/2015[2010-2011]Status: DisposedITAT Kolkata08 Aug 2018AY 2010-2011
Bench: He Ao In Assessment Proceedings & Filed Books Of Account, Relevant Bills, Vouchers & Bank Statement. The Ao Determined The Assessed Income At Rs.65,85,920/- By Making The Following Additions Vide Order Passed U/S.143(3) Of The Act Dt. 23-03-2013:-
For Appellant: Shri A.Bhattacharjee, Addl.CIT, ld.Sr.DRFor Respondent: Shri P.J Bhide, FCA, ld.AR
Section 143(2)Section 143(3)Section 14A
54E of the Act against purchase of said flat.
Further, the said investment in the flat was made out from sale proceeds of shares and office premises. The AO held that claim of assesse regarding the purchase of shares was bogus and no such shares was purchased by the assesse. Consequently, sale of shares were held to be as bogus
