ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions.
The petitioner no.1 was the erstwhile company that went through insolvency proceedings. The resolution plan was approved on February 24, 2021 wherein the Income Tax Department had also put forward its claim before the resolution professional.
Bunching of show cause notices did not cause any prejudice to assessee as it was open to assessee to take up any contention peculiar to any particular year in the reply to the show cause notice.
Filing of Form 10CCB required for claiming deductions under Section 80IA before the due date for filing of return of income u/s 139(1) was only directory and not mandatory for the year under consideration.
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Assessee, aggrieved by the decision, appealed to the CIT (Appeals), who dismissed the appeal and upheld the decision of AO. Assessee dissatisfied with the order of CIT(A) appealed before Tribunal.
The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factory. Total quantity of gold was found to be 2417 grams.
CESTAT Delhi remands LG TV panel undervaluation case for review. Customs to verify import data authenticity and reassess valuation per applicable rules.
