SHANKAR CONSTRUCTION,PANCHGACHIA vs. ITO, WARD-3(1), PURNEA
In the result, the appeal of the assessee is allowed
ITA 565/PAT/2024[2016-17]Status: DisposedITAT Patna18 Nov 2024AY 2016-17
Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumari.T.A. No. 565/Pat/2024 Assessment Year: 2016-2017 Shankar Construction,………………..…….……Appellant Panchgachia, Panchgachia-852124, Bihar [Pan:Abofs0800R] -Vs.- Income Tax Officer,………………….……..……Respondent Ward-3(1), Purnea, Bihar Appearances By: Shri S.K. Tulsiyan, Advocate, Appeared On Behalf Of The Assessee Shri Ashok Kumar, Cit (Dr), Appeared On Behalf Of The Revenue Date Of Concluding The Hearing: October 22, 2024 Date Of Pronouncing The Order: November 18, 2024 O R D E R
Section 143(1)Section 147Section 148Section 69A
72, 00, 02,200/- received from various Kolkata based companies. After due analysis, it was found that the source of securities premium was from bogus shell entities and the companies where investments were made were also bogus non-existent companies. M/s New KMS has offloaded the investments held with it to various companies in the form of unsecured loan