Concord Fortune Minerals India Pvt. Ltd. vs. ACIT, Circle 11(1)

Parties Involved

Facts Summary

The assessee, Concord Fortune Minerals India Pvt. Ltd., filed its return of income on 29.11.2017, declaring a total income of ₹18,74,280/-. The case was selected for scrutiny, and statutory notices under sections 143(2) and 142(1) of the Income-tax Act, 1961, were issued. The assessee is involved in trading minerals and food grains. A show cause notice dated 21.04.2021 was issued, to which the assessee replied on 23.04.2021. The Assessing Officer (AO) added ₹40,95,670/- to the assessee's income under section 143(1) due to inconsistencies/disallowance under section 37 of the Act, resulting in an assessed income of ₹59,69,950/-. The Commissioner of Income Tax (Appeals) (CIT(A)) confirmed this addition based on the audit report. The assessee argued that there was a factual mistake in the audit report, which was later revised.…

Legal Issues

• 1. Whether the addition of ₹40,95,670/- made by the AO under section 143(1) is justified.

Judgment Outcome

Decided in favour of Assessee.

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