ITA No. 1572/Ahd/2019

Parties Involved

Facts Summary

The assessee filed an appeal against the assessment order passed under section 144 of the Income Tax Act, 1961 for the assessment year 2014-15. The assessee had filed a return declaring total income at Rs. Nil. The case was selected for scrutiny assessment, and the Assessing Officer passed the Assessment Order, making various additions and assessing the total income at Rs. 15,12,98,976/-. The assessee filed an appeal before the Commissioner of Income Tax (Appeals) who partly allowed the appeal. The Revenue filed an appeal against the order of the Commissioner of Income Tax (Appeals). The assessee also filed a Cross Objection in response to the Revenue's appeal.…

Legal Issues

• 1. Whether the Ld. CIT(A) was correct in deleting the addition made u/s 68 of the Act amounting to Rs. 11,90,49,677/- as the creditworthiness of the persons involved in transactions remains unverified.
• 2. Whether the Ld. CIT(A) was correct in deleting the disallowance made on account of difference in cash sales amounting to Rs. 1,66,81,994/-
• 3. Whether the Ld. CIT(A) was correct in deleting the disallowance made on account of difference in sales value amounting to Rs. 20,71,151/-
• 4. Whether the Ld. CIT(A) was correct in deleting the addition of Rs. 4,39,320/- made on account of non-deduction of tax on expenses u/s 40(a)(ia) of the Act.
• 5. Whether the Ld. CIT(A) was correct in partly deleting the disallowance made on account of draw expenses on lump sum basis in absence of any concrete evidences.
• 6. Whether the Ld. CIT(A) was correct in deleting the addition made u/s 36(1) (ii) of the Act on account of interest expenses amounting to Rs. 11,33,299/-

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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