Dy. Commissioner of Income Tax v/s M/s. Gigeo Construction Co. Pvt. Ltd.

Parties Involved

Facts Summary

The case involves appeals filed by the Revenue for the assessment years 2007–08 and 2009–10, and an appeal by the assessee for the assessment year 2003–04. The assessee, M/s. Gigeo Construction Co. Pvt. Ltd., has gone under insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) has prohibited all proceedings against the assessee. The Revenue has raised various grounds for disallowance of expenses and additions, while the assessee has contested the penalties imposed by the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the disallowance under section 40(a)(ia) was correctly restricted by the CIT(A).
• 2. Whether the addition of ALV of unsold flats under the head income from house property was correctly deleted.
• 3. Whether the disallowance under section 40A(3) was correctly deleted.
• 4. Whether the addition of inflated expenses was correctly deleted.
• 5. Whether the addition of unaccounted income was correctly deleted.
• 6. Whether the penalty imposed under section 271(1)(c) was justified.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

Similar Judgements

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