DCIT, GHAZIABAD, VS. SALUJA OVERSEAS PVT. LTD.

Parties Involved

Facts Summary

The case involves an appeal by the Revenue against the order of the Ld. CIT(A), NFAC, who had deleted certain additions made by the Assessing Officer (AO) during the assessment for the assessment year 2017-18. The AO had made additions on account of invoking provisions of section 145(3) of the I.T. Act, unexplained credit under section 68, and unexplained cash deposits during the demonetization period. The assessee, Saluja Overseas Pvt. Ltd., had appealed against these additions, which were partly allowed by the Ld. CIT(A). The Revenue, aggrieved by this order, filed an appeal before the Income Tax Appellate Tribunal (ITAT). The main contentions of the Revenue were that the Ld. CIT(A) had erred in deleting the additions made by the AO.…

Legal Issues

• 1. Deletion of addition of Rs. 79,14,204/- made by invoking provisions of section 145(3) of the I.T. Act.
• 2. Deletion of addition of Rs. 2,52,50,000/- made on account of bogus loans under section 68 of the I.T. Act.
• 3. Deletion of addition of Rs. 18,53,09,000/- made on account of cash deposited during the demonetization period.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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