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INCOME TAX APPELLATE TRIBUNAL (KOLKATA BENCH)
Rajesh Kumar, AM, Shripadip Kumar Choubey, JM
Income Tax Officer, Ward 9(1), Kolkata – Appellant
Versus
Littlestar Securities Private Limited – Respondent
| Table of Content |
|---|
| 1. revenue appeal against deletion of s.68 addition on share capital. (Para 1 , 2 , 3 , 4) |
| 2. cit(a) deletes addition categorizing investors into four groups. (Para 5) |
| 3. assessee proves identity, creditworthiness, genuineness via documents. (Para 6) |
| 4. revenue appeal dismissed upholding cit(a) order. (Para 7) |
ORDER
Per Rajesh Kumar, AM:
This is an appeal preferred by the Revenue against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 08.08.2024 for the AY 2012-13.
2. At the outset, we note that the appeal of the assessee is barred by limitation by 153 days. At the time of hearing the counsel of the assessee explained the reasons for delay in filing the appeal. The Ld. D.R did not raise any objection in condoning the delay. After hearing the rival contentions and perusing the materials available on record, we find that the delay is for bonafide and genuine reasons and hence, we condone the delay and admit the appeal for adjudication.
3. The only issue raised by the Revenue in the various grounds of appeal is against the order of ld. CIT (A) deleting the addition of ₹27,63,00,000/- as made by the ld. AO u/s 68 of th
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