ITA No.3315/Mum/2024 and others

Parties Involved

Facts Summary

The case involves multiple appeals filed by various entities of the Abans Group against assessment orders passed by the Commissioner of Income Tax (Appeals) for various assessment years. The appeals challenge the disallowance of losses, disallowance of certain purchases, and the addition of commission on non-genuine trades and purchases. The Income Tax Authorities alleged that the assessees were involved in manipulative trading and non-genuine transactions. The assessees provided detailed explanations and documentary evidence to counter these allegations.…

Legal Issues

• 1. Disallowance of losses on select trades
• 2. Estimated commission for obtaining loss

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Saurabh Sumant Patwa and Kalpana Saurabh Patwa vs. Pr.CIT-3

  Ahmedabad bench

• M/s R.S. Vinimay Pvt. Ltd. Vs. ITO, Circle 11(3)

  D Bench, Kolkata benchAY 2016-17Allowed

• A B Exports Private Limited Vs. Income Tax Officer

  Mumbai Bench benchAY 2008-09Allowed

• Luvkesh Textile Industries Pvt. Ltd. vs. Deputy Commissioner of Income Tax

• Sheth Realtors vs. Assistant Commissioner of Income Tax

  "F" BENCH, MUMBAI benchAY 2018-19Partly Allowed

• Santosh Laujari Gupta Vs ITO – 33(3)(3)

  SMC Bench, Mumbai benchAY 2009-10Partly Allowed