ITA No.526/Bang/2024 M/s. Dream Logistics Company Limited, Yellapur

Parties Involved

Facts Summary

The assessee's business premises was searched on 15.02.2011. Based on the ROI filed on 26.03.2012, the assessment was completed under section 143(3) of the Act. The assessment was reopened under section 147 of the Act based on a statement by the proprietor of M/s. Megha Minerals, who denied making any supply of iron ore to the assessee during the assessment year 2010-11. The assessee contended that the transactions were genuine as the payments were made through banking channels and the supplier had declared the sales in their VAT returns. The assessee challenged the order of the CIT(A) and filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the orders of the authorities below are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case.
• 2. Whether the order of re-assessment is bad in law and void-ab-initio for want of requisite jurisdiction.
• 3. Whether the addition/disallowance of a sum of Rs.2,60,00,000/- under section 41(1) of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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