CHHATTISGARH METALIKS AND ALLOYS PVT. LTD.,RAIPUR vs. INCOME TAX OFFICER -3(3), RAIPUR
In the result, appeal of the assessee is allowed in terms of our aforesaid observations
ITA 114/RPR/2021[2015-16]Status: DisposedITAT Raipur13 Mar 2023AY 2015-16
Bench: Shri Ravish Sood & Shri G D Padmahshaliआयकर अपील सं./ Ita No.114/Rpr/2021 "नधा"रण वष" / Assessment Year : 2015-16 Chhattisgarh Metaliks & Alloys Private Limited Mohini B-5, Merlin Jayashree Vihar, Mandi Gate, Pandri Tarai, Raipur (C.G.)-492 001 Pan : Aadcc9242J .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer-3(3), Raipur (C.G.) ……""यथ" / Respondent
For Appellant: Shri Abhishek Mahawar, CAFor Respondent: None
Section 143(2)Section 143(3)Section 271(1)(c)Section 56(2)(viib)Section 68
24,215.80
On the basis of the aforesaid facts, we are of the considered view that the lower authorities had grossly erred in law and the facts of the case in dubbing the transaction in question, i.e., receipt of duly explained share application money by the assessee company from the aforesaid investor company, viz. M/s. Aayush Steelco
