Addl. CIT Special Range Vs. Ghaziabad Ship Breakers Pvt. Ltd.
Parties Involved
Facts Summary
The case pertains to the assessment year 2017-18 where the Assessing Officer (AO) made additions to the income of Ghaziabad Ship Breakers Pvt. Ltd. on account of unexplained cash sales, under valuation of closing stock, and unexplained expenditure. The AO had added Rs. 1,32,90,625 for unexplained cash sales, Rs. 59,06,664 for under valuation of closing stock, and Rs. 24,21,489 for unexplained expenditure. The Commissioner of Income Tax (Appeals) (CIT(A)) deleted these additions based on the evidence and submissions provided by the assessee. The revenue has appealed against this order.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 1,32,90,625 for unexplained cash sales is justified.
- 2. Whether the addition of Rs. 59,06,664 for under valuation of closing stock is justified.
- 3. Whether the disallowance of Rs. 24,21,489 for unexplained expenditure is justified.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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