ITA No. 724/JPR/2024

Parties Involved

Facts Summary

The case involves an appeal filed by NRI-Buildtech (India) Pvt. Ltd. against the order of the Principal Commissioner of Income Tax, Jaipur. The assessee challenges the order dated 21.03.2024 for the assessment year 2018-19, which was passed under section 263 of the Act. The assessee argues that the order was erroneous and prejudicial to the interest of the revenue. The assessee also contends that the order was passed without proper application of mind and without invoking the applicable provisions of law. The assessee further argues that the addition of Rs. 83,08,238/- made by the Assessing Officer as normal expenditure on account of unproved purchases should have been made under section 69C of the Act. The assessee also claims that the proceedings initiated under section 263 of the Act were bad in law and invalid as they were initiated merely on the basis of an audit objection and lacked an independent assessment of the facts.…

Legal Issues

• 1. Whether the order passed by the Principal Commissioner of Income Tax, Jaipur is erroneous and prejudicial to the interest of the revenue?
• 2. Whether the addition of Rs. 83,08,238/- made by the Assessing Officer as normal expenditure on account of unproved purchases should have been made under section 69C of the Act?
• 3. Whether the proceedings initiated under section 263 of the Act were bad in law and invalid?

Judgment Outcome

Decided in favour of Assessee.

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