Case Number: ITA 106/DEL/2021
Appellant: Pingash Home Appliances Private Limited, Faridabad
Respondent: ITO Ward-2(1), Faridabad
Assessment Year: 2016-17
Date of Filing: 2021-02-09
Order Type: Final Tribunal Order
Date of Order: 2023-07-07
Pronounced on: 2023-07-07
The case revolves around the assessment of Pingash Home Appliances Private Limited for the assessment year 2016-17, particularly focusing on additions made by the Income Tax Officer under Sections 68 and 56(2)(viib) of the Income Tax Act, 1961. These additions were related to alleged unexplained share premiums and share capitals reported in the company’s returns.
The tribunal considered several points of appeal raised by the appellant against the Commissioner of Income-Tax (Appeals)’s earlier decision, which had confirmed significant additions to the appellant’s taxable income under the alleged discrepancies in share premium and capital entries. Key points included the authenticity of share premium transactions, the creditworthiness of investors, and the procedural adherence in assessing these transactions.
The tribunal’s findings emphasized the need for thorough documentation and verification in assessing share premiums and investments. The decision highlighted the procedural challenges and the importance of maintaining detailed and substantiated financial records. The tribunal ultimately set aside the CIT(A)’s order, providing relief to the appellant regarding the questioned additions.
“Order pronounced in the open court on 7th July, 2023.”
Signed by:
SHRI GIRISH AGRAWAL
Accountant Member
Date: 07/07/2023
Manage the increasing number of hearings effortlessly by leveraging the legal AI revolution We are India's Leading revolutionary AI-powered legal platform where you can get enough insights into top cases and judgements.
Research Platform