Case Law Details
ITO Vs Indus Realty Pvt Limited (ITAT Kolkata)
In a recent legal battle that unfolded before the Income Tax Appellate Tribunal (ITAT) Kolkata, the intricacies of procedural delays, contentious additions to share capital under Section 68, and the nuances of Section 56 took center stage. This comprehensive analysis delves into the details of the case, shedding light on the procedural hurdles, the core controversy surrounding the addition of Rs.3,00,00,000 in share capital, and the implications of Sections 68 and 56 in the ITAT Kolkata verdict.
Procedural Hurdles: Assessing Officer’s Delayed Appeal
At the heart of the matter was the delayed appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 25th March 2023, for the Assessment Year (A.Y.) 2012-13. The Registry pointed out that the appeal was time-barred by 40 days. The Assessing Officer sought condonation of the delay, citing workload pressure and system resource constraints during the period from January 2023 to May 2023. After considering the explanation, the ITAT condoned the delay, allowing for a thorough evaluation of the appeal’s merits.
Core Issue: Addition of Rs.3,00,00,000 under Section 68
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