Shri Krishna Solvent Extruction (P) Ltd., Bhubaneswar vs DCIT, Central- 1(2), Bhubaneswar

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Last updated: 17 December 2020
Quick Summary
This Income Tax Appellate Tribunal case involves Shri Krishna Solvent Extruction (P) Ltd. appealing against an order from the CIT(A). The primary grounds for appeal relate to the sustainment of an addition of Rs. 22.50 lakhs under Section 68, which the assessee claims was an opening balance from a previous year. Additionally, the company contests the disallowance of Rs. 19.5 lakhs received as share capital, arguing that the transaction's genuineness and the investor's creditworthiness were adequately proven with supporting documentation.

Court :
ITAT Cuttack Bench

Brief :
This is an appeal filed by the assessee against the order of the CIT(A)-1, Bhubaneswar dated 28.3.2019 for the assessment year 2015-16. 2. The assessee has raised following grounds:

Citation :
ITA No.271/CTK/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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