Assistant Commissioner of Income Tax, Circle 10(1), R. No. 389A, 3rd Floor, CR Building, IP Estate, Delhi 110001 Vs. Jindal Poly Films Limited, 19th K.M. Hapur, Bulandshahar Road, P.O. Gulaothi, Bulandshahar, Uttar Pradesh 203408

Parties Involved

Facts Summary

The assessee/respondent is engaged in the business of manufacturing Polyester chips, Biaxially Oriented Polyester Film, Biaxially Oriented Poly Propylene Film, Metalized Film and PVDC Films. The assessee filed its return of income for AY 2012-13 on 30.11.2012 declaring total income of Rs.168,20,73,060/-. The return of income was subject to scrutiny assessment proceedings u/s.143(3) of the Income Tax Act,1961. The Assessing Officer vide order dated 27.03.2014 assessed total income of the assessee at Rs.178,91,27,803/-. Thereafter, assessment for AY 2012-13 was reopened at the fag end of limitation of six years vide notice dated 30.03.2019 issued u/s.148 of the Act. The assessment was reopened in the case of assessee consequent to information received by the AO regarding transactions in the bank account of M/s. Karthik Enterprises proprietor Shri Rajiv Kumar. During analyses of the bank statement of M/s. Karthik Enterprises it was found that cash deposits in the bank account of M/s. Karthik Enterprises were transferred to the bank account of assessee shortly after deposit of cash. The AO in the reasons for reopening recorded that the transactions in the bank statement of M/s. Karthik Enterprises shows cash deposits and thereafter transfer of said amount to bank account of the assessee. Therefore, verification and genuineness of the transactions is required. The AO thereafter completed the assessment u/s.147 r.w.s 143(3) of the Act vide order dated 21.12.2019 making addition of …

Legal Issues

• 1. Addition of Rs.8,92,33191/- u/s. 68 of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• ITAs No.1705, 1372, 1373, 1706 & 1374/Del/2023

• Sanjeev Bhardwaj vs ACIT

  Delhi "A" Bench: New Delhi benchAY 2012-13Allowed

• FORUM SALES PVT. LTD., VS. DCIT, CENTRAL CIRCLE-07

• Gargi Overseas Pvt. Ltd Vs. Income Tax Officer, Ward-10(1), Delhi

  Delhi Bench 'A', New Delhi benchAY 2017-18Partly Allowed

• K&S Fincon Pvt. Ltd. Vs. Income Tax Officer, Ward-14(1), Delhi

  Delhi Bench benchAY 2013-14Allowed

• Naval Seth vs ACIT Circle -28(1)

  Delhi Bench ‘A’, New Delhi benchAY 2016-17Allowed