Case Number: ITA 101/DEL/2021
Appellant: Movefast Automobiles Private Limited, Haryana
Respondent: ITO Ward-1(5), Faridabad
Assessment Year: 2016-17
Date of Filing: 2021-02-09
Order Type: Final Tribunal Order
Date of Order: 2023-06-20
Pronounced on: 2023-06-20
The appeal by Movefast Automobiles Private Limited challenges the order by the CIT (A)-Faridabad regarding the alleged unexplained share capital and premium additions under Section 68 and the valuation disputes under Section 56(2)(viib) for the assessment year 2016-17.
The tribunal assessed several key points:
The tribunal’s decision allowed the appeal in part, especially concerning the contested additions under Section 68 and the issues with income enhancement under Section 56(2)(viib). This case highlights the importance of proper documentation and adherence to legal standards in financial reporting and taxation.
“Order pronounced in the open court on 20th June, 2023.”
Signed by:
DR. B. R. R. KUMAR
Accountant Member
YOGESH KUMAR U.S.
Judicial Member
Date: 20/06/2023
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