Firefox Bike Pvt. Ltd. Vs. DCIT
Parties Involved
Facts Summary
The Assessee filed a return of income declaring a total income of Rs. 7,30,61,100/-. The return was revised to declare a total income of Rs. 7,34,80,430/-. The case was selected for complete scrutiny due to discrepancies in the purchase shown in the Income Tax Return and the Invoice Value of Imports. Notices under sections 143(2) and 142(1) of the Income Tax Act, 1961 were issued. The assessment order computed the income at Rs. 7,63,15,910/-. The Assessee appealed against the assessment order, and the Commissioner of Income Tax (Appeals) partly allowed the appeal but sustained the addition made by the Assessing Officer under section 68 of the Act, amounting to Rs. 20,80,821/-. The Assessee then filed the present appeal against the order of the Commissioner of Income Tax (Appeals).…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in confirming the addition made by the A.O. u/s 68 of the Act and computing the tax payable u/s 115BBEE on a sum of Rs. 20,80,821/-, which includes the opening balance as on 01/04/2016.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.