Elite Packaging vs Income Tax Officer Ward 17(3)(1)
Case No: ITA No.7240/Mum/2025
Court: INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH ‘E’, MUMBAI
Date: 1/16/2026
Parties Involved
appellantElite Packaging
respondentIncome Tax Officer Ward 17(3)(1)
Facts Summary
The assessee, Elite Packaging, a partnership firm dealing in packaging materials, filed its return for the assessment year 2020-21. During the assessment proceedings, the Assessing Officer (AO) issued a notice under section 148 to seek clarification on sundry creditors amounting to Rs.95,12,125/-. The AO observed a discrepancy in the balance sheet of one of the creditors, Midas, and sought clarification on the balance amount of Rs.68,69,700/-. The assessee explained that this amount was erroneou…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.68,69,700/- made by the AO under section 41(1) of the Income-tax Act, 1961, is justified?
Precedents Relied Upon
1 precedent cited in this judgement.