Kelvin Air Conditioning and Ventilation System Pvt. Ltd. vs ITO, Ward 10(1) (4), Mumbai

Parties Involved

Facts Summary

The assessee, Kelvin Air Conditioning and Ventilation System Pvt. Ltd., is a private limited company engaged in the business of installation of air conditioner and ventilation systems. The assessee filed its return of income for the Assessment Year 2013-14 declaring a total income of Rs. 6,81,000/-. During the assessment proceedings, the Assessing Officer (AO) found a difference of Rs. 50,93,368/- between the gross receipts in the books of accounts and the amount reflected in Form 26AS. The assessee explained that the difference arose due to a sale of Rs. 50,48,911/- to M/s Pooja Construction, which was reversed in the same financial year due to litigation. The TDS deducted by M/s Pooja Construction amounting to Rs. 1,01,868/- was reflected in Form 26AS and claimed by the assessee. The AO rejected the assessee’s claim and added back the amount of Rs. 50,93,368/-. The aggrieved assessee filed an appeal before the Commissioner of Income Tax (Appeals) (CIT(A)), which was dismissed. Consequently, the assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the addition of Rs. 50,93,368/- made by the AO is justified?

Judgment Outcome

Decided in favour of Assessee.

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