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

IN THE INCOME TAX APPELLATE TRIBUNAL,
CUTTACK BENCH, CUTTACK

BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER
AND LAXMI PRASAD SAHU, ACCOUNTANT MEMBER

ITA No.271/CTK/2019
Assessment Year : 2015-16

Shri Krishna Solvent Extruction
(P) Ltd., 11, 2nd floor, Deendayal
Bhawan, Janpath, Ashok Nagar,
Bhubaneswar.
(Appellant) .. 

Vs. 

DCIT, Circle -1(2),
Bhubaneswar.
PAN/GIR No.AAGCVS 8521 F
( Respondent)

Assessee by : Shri Binod Agarwal, AR
Revenue by : Shri Subhendu Dutta, DR

Date of Hearing : 09 /12/ 2020
Date of Pronouncement : 10 /12/2020

O R D E R

Per C.M.Garg,JM

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:

“That the Ld CIT (A) is not justified to sustain the addition made u/s 68 for Rs. 22.50 lakhs. The same being opening balance as on Dt. 01.04.2014 has been received in earlier years and hence not liable to addition in the current year either as protective or otherwise.

2. That the Ld CIT (A) has erred in confirming the disallowance of Rs. 19.5 lacks which were received as share capital during the assessment Year- 2015-16 by completely disregarding the documents filed during assessment proceedings. The Ld CIT (A) failed to appreciate the fact that the source/investor company confirmed the transaction in response to AO's notice issued u/s 133(6) and the appellant too had submitted the source of the source. That the Audited balance sheet oi M/s Inland Suppliers clearly showed that the Net Worth of the company was 301 lacks since 2010 and hence it is absolutely wrong to say that the creditworthiness was not established. Besides, the company had also substantiated die genuineness of the transaction. The addition being out of surmise & suspicions is liable to deleted.

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