Jai Shri Ram Sugar and Agro Products Limited vs. JCIT, Central Range-2, Pune
Parties Involved
Facts Summary
The assessee, Jai Shri Ram Sugar and Agro Products Limited, is a company engaged in the business of sugar manufacturing and sale. A search and seizure action was conducted on 26.07.2017, during which incriminating documents were found and seized. The assessee filed its original return of income on 15.10.2018, disclosing a loss of Rs.5,69,95,760/-. The case was selected for scrutiny, and the Assessing Officer issued notices and questionnaires. However, the assessee failed to respond, leading to the disallowance of the claimed loss and addition of Rs.32,50,00,000/- as unexplained share capital. The Commissioner (Appeals) upheld these actions, leading to the appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Disallowance of expenses of Rs.5,69,95,760/-
- 2. Addition of Rs.32,50,00,000/- as unexplained share capital
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.
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