Case Law Details
Wisley Real Estate Pvt. Ltd Vs Income Tax Officer (ITAT Kolkata)
The case pertains to an appeal filed by Wisley Real Estate Pvt. Ltd against the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, on November 13, 2023, for the assessment year 2012-13. The main issues raised by the assessee were the confirmation of an addition of Rs. 1,76,87,500 as unexplained cash credit under Section 68 of the Income Tax Act, 1961, and the charging of interest under Section 234B of the same Act.
Case Facts
Wisley Real Estate Pvt. Ltd, a private limited company, filed its return of income for the assessment year 2012-13, declaring NIL income. During the scrutiny assessment, the Assessing Officer (AO) observed that the company had received share application money amounting to Rs. 1,76,57,500 from several share applicants. However, upon issuing notices under Section 133(6) of the Act to the share applicants, no information was received. One director of the company, Shri Piyush Bajoria, along with two shareholders, appeared before the AO, but the details and statements provided were deemed unsatisfactory. Consequently, the AO treated the share application money as unexplained cash credit under Section 68 of the Act and assessed the company’s income at Rs. 1,76,57,500.
Proceedings Before CIT(A)
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