Income Tax Officer, Sector-12, Bay No.25-28, Urban Estate, Karnal, Haryana-132001 Vs. SHIV SHANKAR RICE MILLS, GOGRIPUR ROAD KARNAL, KARNAL, Haryana-132001
Parties Involved
Facts Summary
The assessee, a partnership firm, filed its return of income for Assessment Year 2013-14. The case was reopened and reassessed under section 147/144B of the Income Tax Act, 1961. The Assessing Officer made certain additions which were deleted by the ld. CIT(A). The Revenue is in appeal against the order of the ld. CIT(A), and the assessee has filed a cross objection.…
Decision in favour of
Assessee
Legal Issues
- 1. Addition of Rs.8,28,42,938/- on account of bogus purchases and sales.
- 2. Addition of Rs.39,70,657/- on account of unsecured loans.
- 3. Addition of Rs.55,90,520/- on account of bogus creditors.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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