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Distress Sale of Land: ITAT deletes Section 50C addition
Case Law Details
- Case Name
- Southern Road Carriers Ltd Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Southern Road Carriers Ltd Vs DCIT (ITAT Kolkata)
Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Kolkata has deleted tax additions made against Southern Road Carriers Ltd. This article breaks down the appeal, the grounds for it, and why the ITAT ruled the way it did.
Grounds of Appeal
Share Capital Treated as Unexplained Cash Credit: The primary contention was around an addition of Rs. 1,06,74,500 made by the Assessing Officer under Section 68 of the Income Tax Act. The Assessing Officer had treated the share capital received by Southern Road Carriers Ltd as un...
