ITA No.392/Ind/2024

Parties Involved

Facts Summary

Acme Furniture Private Limited, the appellant, filed an appeal against the order dated 26.02.2024 of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centers, Delhi for the Assessment Year 2011-12. The appellant contested the addition of Rs. 9,16,000/- made by the Income Tax Officer 1(1), Indore, which was confirmed by the Commissioner of Income Tax (Appeals). The appellant argued that the addition was wrong and contrary to the facts of the case and provisions of the Act. The appellant also contested the disallowance of set-off of business loss against the addition made under Section 68 of the Act. The appellant submitted that the cash deposited in the bank account was made out of previous cash withdrawals and available cash in hand. The appellant further argued that the reassessment proceedings initiated by the Income Tax Officer were wrong and contrary to the provisions of the Act.…

Legal Issues

• 1. The addition of Rs. 9,16,000/- made by the Income Tax Officer 1(1), Indore, which was confirmed by the Commissioner of Income Tax (Appeals).
• 2. The disallowance of set-off of business loss against the addition made under Section 68 of the Act.

Judgment Outcome

Decided in favour of Assessee.

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