Case Law Details
Case Name : ACIT Vs Pujita Merchandise Pvt. Ltd. (ITAT Kolkata)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Kolkata
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ACIT Vs Pujita Merchandise Pvt. Ltd. (ITAT Kolkata)
In the case mentioned above The Kolkata Bench of ITAT ruled that Section 68 of the IT Act is applicable when credit is received in the relevant year not for the earlier years.
The brief facts of the case are that the assessee company filed its return of income for AY 2012-13 at Rs.11,100/-. Case was selected for scrutiny therefore notices u/s 143(2) and 142(1) were issued. The assessment of the assessee was completed u/s 143(3) at the total income of Rs.9,26,11,100/-. During the assessment proceedings, Assessing Officer discovered that the ...
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Author Bio
It appears to be a smart move by the company; The repurcussion would be an AMENDMENT to the Act and all the fraternity will be crying wild for the Amendment.