Dy. CIT, Circle 5(1) Vs. PLG Power Ltd.
Parties Involved
Facts Summary
The case involves an appeal by the Revenue against the order of the National Faceless Appeal Centre, Delhi, dated 17.11.2023, for the Assessment Year 2009-10. The Revenue had made additions to the income of PLG Power Ltd. on account of various items including increase in inventory, share application money, loan funds, sundry creditors, and sundry increase in advance from customers. The Assessing Officer (AO) made an addition of ₹26,60,32,067/- on account of increase in inventories. In the appellate proceedings, the Commissioner of Income Tax (Appeals) (CIT(A)) deleted this addition and certain other additions on the basis of non-compliance by the assessee. The Revenue has challenged this deletion in the present appeal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(A) was justified in deleting the addition of ₹26,60,32,067/- made on account of increase in inventory.
- 2. Whether the CIT(A) was justified in deleting the addition of ₹4,91,906/- being the amount of income made on the basis of ITS details.
Judgment Outcome
Decided in favour of Assessee.
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