Question 1

What are the key legal issues in Ankur Rice Industries Pvt. Ltd vs. Income Tax Officer, Ward-2(2)(5), Etawah?

Accepted Answer

1. Whether the Learned NFAC was justified in confirming the addition of Rs 3,48,918/- made by the Learned AO on account of salary payable in the facts and circumstances of the instant case.

Question 2

What are the facts of Ankur Rice Industries Pvt. Ltd vs. Income Tax Officer, Ward-2(2)(5), Etawah?

Accepted Answer

The appeal in ITA No. 118/AGR/2025 for AY 2016-17 arises from the order of the JCIT(A) dated 31.12.2024 against the order of assessment passed by the Assessing Officer, ITO, Ward-2(2)(5), Etawah dated 24.12.2018. The assessee, Ankur Rice Industries Pvt. Ltd, is a private limited company running a rice mill engaged in the manufacturing of rice and other products. The assessee regularly maintains its books of accounts and the book results declared by the company are properly verifiable and supported by audited books of accounts, invoices/bills, vouchers, and various other supporting evidences. During the course of scrutiny assessment proceedings, the assessee was asked to furnish the details of the amount of Rs 3,48,918/- shown under the head 'other current provisions'. The assessee furnished the details stating that the sum of Rs 3,48,918/- represents salary payable as on 31-3-2016, which was duly paid by the assessee company in the next financial year and also produced evidences thereon. However, the Assessing Officer disregarded the submissions and proceeded to add the sum of Rs 3,48,918/- as income under section 56 of the Act. This action was upheld by the Learned NFAC.

Ankur Rice Industries Pvt. Ltd vs. Income Tax Officer, Ward-2(2)(5), Etawah

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