Effective Exim Private Ltd. Vs. Circle 7(1), Delhi

Parties Involved

Facts Summary

The appellant/assessee company, Effective Exim Private Ltd., filed its return of income-tax declaring a loss for the assessment year 2012-13. The case was reopened for assessment under Section 148 of the Income-Tax Act, 1961, and a notice was issued to the assessee. The assessee filed a revised return showing a reduced loss. During the assessment proceedings, it was found that the assessee had received accommodation entries and unexplained cash credits from various parts of the country. The Assessing Officer made additions under Section 68 and Section 69C of the Act. The assessee appealed against this order, which was dismissed by the Learned Commissioner of Income-Tax (Appeals). The assessee then filed the present appeals.…

Legal Issues

• 1. Erroneous addition of Rs.24,50,000 on account of bogus transaction and concealed income under Section 68 and Rs.24,500 under Section 69C.
• 2. Order passed without giving sufficient opportunity, hence bad in law and against the law of natural justice.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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