Income Tax Officer, New Delhi vs. Ruptex Mineral Water Private Limited

Parties Involved

Facts Summary

The assessee, Ruptex Mineral Water Private Limited, filed its return of income for the assessment year 2017-18 declaring a total income of Rs. 60,96,993/-. A survey was conducted on several entities, revealing that huge amounts of cash were deposited during demonetization. The survey and post-survey proceedings alleged involvement of two persons, Smt. Rani Sharma and Shri Yash Pal Gupta, in providing accommodation entries. The Income Tax Officer issued a notice under Section 148 of the Act, which was treated as a show cause notice under Section 148A(b). The assessee objected to the reopening of the assessment, arguing that the notice was bad in law. The Assessing Officer passed an order adding Rs. 4,11,56,500/- to the assessee's income. The assessee appealed to the Commissioner of Income Tax (Appeals), whose order was partly allowed. Both the Department of Revenue and the assessee filed further appeals and cross-objections respectively.…

Legal Issues

• 1. Whether the Learned Commissioner of Income Tax (Appeals) erred in restricting the addition of Rs. 4,11,56,500/- to Rs.43,09,085/- under Section 68 of the Act.
• 2. Whether the Learned Commissioner of Income Tax (Appeals) erred in deleting the addition of Rs.8,23,130/- made by the Assessing Officer under Section 69C of the Act.
• 3. Whether the Learned Commissioner of Income Tax (Appeals) erred in restricting the addition without appreciating the admissions made by Smt. Rani Sharma and Shri Yashpal Gupta.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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