ACIT vs. Arjun Enterprises Pvt. Ltd.

Parties Involved

Facts Summary

The assessee filed its return of income declaring an income of Rs.1,25,37,270/- on 30.10.2018 which was processed on 17.05.2019 by the CPC. Subsequently, the case was selected for complete scrutiny through CASS to verify ‘assessee has made substantial purchases from suppliers who are either non-filers or have filed non-business ITR or reflected a substantially lower turnover in ITR as compared to turnover shown in GSTR return’. Accordingly, notices u/s 143(2) & 142(1) of the Act were issued and …

Legal Issues

• 1. Admission of additional evidence under Rule 46A of the Income Tax Rules, 1962.
• 2. Deletion of addition of Rs. 2,95,81,815/- made under section 68 of the Income Tax Act, 1961 in respect of purchases from KRY Global DWC LLC.

Precedents Relied Upon

Judgment Outcome