Income Tax Appeal No. 409/Chd/2024

Parties Involved

Facts Summary

The assessee, Vee Aar Security Printers, a firm carrying on the business as a manufacturer, filed an appeal against the order passed by the Ld. CIT(A) under section 250 of the Income Tax Act, 1961. The assessee had filed its return of income for the Assessment Year 2013-14 declaring NIL income. The assessment was completed under section 143(3) of the Act, and the net taxable income was assessed at Rs. 3,00,000/-. However, the case was selected for scrutiny under section 147 of the Act, and the best judgment order was passed by the Ld. AO, assessing the income at Rs. 11,91,500/-. The assessee appealed against the order passed by the Ld. CIT(A) which dismissed the first appeal. The assessee raised grounds of appeal, including the incorrect addition of Rs 891500/- under section 68 of the Act.…

Legal Issues

• 1. Incorrect addition of Rs 891500/- under section 68 of the Act
• 2. Violation of principles of natural justice

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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