This case study explores the appeals made by Shrishti Buildhome Pvt. Ltd against decisions by the ITO, Ward-23(1), New Delhi, for the assessment years 2008-09 and 2009-10. The primary focus is on the additions made under sections 68 and 69C for unexplained share application money and expenditure.
The appeal encompasses both assessment years where the Assessing Officer conducted assessments under section 147 read with section 143(3), leading to substantial financial additions which were upheld by CIT(A) in exparte orders due to non-compliance by the appellant.
The appellant’s non-compliance in earlier proceedings led to exparte decisions by the CIT(A). However, recognizing the need for a fair trial, the Tribunal opted to remand the case back to the CIT(A), providing the appellant another opportunity to present their case adequately.
The tribunal’s decision to remand the case underscores the importance of procedural fairness and provides critical insights into the handling of unexplained financial transactions in tax assessments. This detailed examination serves as a significant reference for similar cases regarding the principles of justice and legal proceedings in tax assessment disputes.
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