ITO, Circle-25(2), Delhi Vs. Tractebel Engineering Pvt Ltd.
Parties Involved
Facts Summary
The assessee company, Tractebel Engineering Pvt Ltd., was engaged in providing comprehensive services in power, oil, gas, and infrastructure sectors. The company had reflected advances received from customers amounting to Rs. 5,55,57,145/- in the balance sheet as on 31-03-2017. The Assessing Officer (AO) made an addition of Rs. 5,55,57,145 as unsubstantiated credit under section 68 of the Income-tax Act, 1961, as no details were furnished by the assessee. Before the Commissioner of Income-tax (Appeals) (CIT(A)), the assessee provided complete details and documentary evidences explaining the nature and source of the advances. The CIT(A) deleted the addition made by the AO.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Learned CIT(A) was justified in deleting the addition made under section 68 of the Act in the sum of Rs 5,55,57,145/- on account of advances received from customers.
Judgment Outcome
Decided in favour of Assessee.
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