Euro Pratik Ispat Pvt Ltd vs Assistant Commissioner of Income-tax-1(2)(1), Mumbai

Parties Involved

Facts Summary

The case involves appeals and cross objections filed by Euro Pratik Ispat Pvt Ltd and the Assistant Commissioner of Income-tax-1(2)(1), Mumbai against orders passed by the National Faceless Appeal Centre (NFAC), Delhi, and the Assistant Commissioner of Income-tax-9(3)(2), Mumbai. The appeals challenge the deletion of additions made under section 69A of the Income-tax Act, 1961, while the cross objections argue against the legality of reassessment proceedings. The assessee argues that the reassessment was initiated without proper jurisdiction and that the revenue violated natural justice by not providing reasonable opportunity to verify documents. The revenue argues that the additions were correctly made based on the evidence provided.…

Legal Issues

• 1. Whether the Ld.CIT(A) was right in deleting the addition of Rs.4,35,00,000/- made u/s.69A of the I.T. Act, 1961 being loan from M/s. Sai Baba Finvest Pvt. Ltd.
• 2. Whether the Ld.CIT(A) was right in deleting the addition of Rs.35,00,000/- made u/s.69A of the I.T. Act, 1961 being the accommodation benefit taken from M/s. Jolly Vinimay Pvt. Ltd.
• 3. Whether the Ld.CIT(A) was right in deleting the addition made by the Assessing Officer u/s.69A of the I.T. Act, 1961 without calling for any Remand Report.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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