M/s Sanmin Trading & Holding Pvt. Ltd., Kolkata Vs I.T.O.,Ward-9(4), Kolkata

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Last updated: 28 November 2020
Quick Summary
This case involves M/s. Sanmin Trading & Holding Pvt. Ltd. appealing an Income Tax Appellate Tribunal (ITAT) decision regarding an addition made by the Assessing Officer (AO) under Section 68 of the Income Tax Act. The AO added ₹1.57 crores received as share capital with a significant premium, deeming the credit not genuine. The AO's grounds included the assessee company's meagre income, the premium being disproportionate to its status, and concerns about the investing company's lack of genuine business activity and the creditworthiness of its directors.

Court :
ITAT Kolkata

Brief :
This is an appeal filed by the assessee directed against the order of the Commissioner of the Income Tax (Appeals)-23, Kolkata [hereinafter the ‘CIT(A)’] dated 06.08.2019 passed u/s 250 of the Income Tax Act, 1961 (hereinafter the ‘Act’), for the Assessment Year 2010-11.

Citation :
I.T.A. No. 2020/Kol/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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