ITA no.1911/Del/2026
Parties Involved
Facts Summary
The assessee company, Teneron Limited, a public company incorporated on 11-04-2017, deals in non-ferrous metals primarily Aluminum and Lead. The company had filed a return of income for the year under consideration on 31-10-2018 declaring total income of Rs.8,18,300/-. The case was selected under CASS for the reason of Foreign outward Remittance and Business Expenses. The assessee had made outward remittances as per Form 15CC to the tune of Rs.8539,76,844/- whereas the assessee had shown purchases in the P&L account as 139,56,45,000/-. The assessee had made outward remittance to the tune of 58,59,04,000/-. The assessment proceeding was completed by the Assessing officer after making various additions and assessed the total income at Rs.28,58,62,130/-. The assessee preferred the appeal before the National Faceless Appeal Centre Delhi who allowed the appeal of the assessee. Being aggrieved the order of the Ld. NFAC the revenue is in appeal before the Tribunal.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether on the facts and circumstances of the case and in law the Ld. CIT(A) has erred in deleting the additions of Rs.26,80,72,844/- made by the Assessing Officer under section 69C, without appreciating that the assessee failed to reconcile the foreign outward remittances reported in Form 15CC with the purchases recorded in the books of account
- 2. Whether on the facts and circumstances of the case and in law the Ld. CIT(A) has erred in accepting the assessee’s plea of “totaling error” without any supporting bank certificate reconciliation statement SWIFT copies or import documentation thereby rendering the order perverse and contrary to evidence.
- 3. Whether on the facts and circumstances of the case and in law the Ld. CIT(A) has erred in deleting the additions of Rs.1,38,83,000/- made under section 68, without appreciating that the assessee failed to discharge the statutory onus to establish the identity, creditworthiness of the lender and genuineness of the transaction.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.