M/s. Amizara Exports Pvt. Ltd. vs. ACIT (Present Jurisdiction DCIT)

Parties Involved

Facts Summary

The assessee, M/s. Amizara Exports Pvt. Ltd., is engaged in the business of job work activity of cutting and polishing of marble and granite. During the assessment, the Assessing Officer observed that the assessee had received interest income of Rs. 83,166/- from UGVCL, which was not shown in the return of income. The assessee was issued various notices but did not comply, leading to the addition of Rs. 83,166/- to the assessee's income. Similarly, the Assessing Officer disallowed 20% of the expenses and purchases claimed by the assessee due to non-compliance with notices, resulting in additions of Rs. 7,03,273/- and Rs. 49,08,478/- respectively. The assessee appealed against the order passed by the Commissioner of Income Tax (Appeals), but the appeal was dismissed as the assessee did not comply with notices and did not appear before the tribunal.…

Legal Issues

• 1. Addition of interest income of Rs. 83,166/- by the Assessing Officer.
• 2. Addition of 20% of expenses amounting to Rs. 7,03,273/- by the Assessing Officer.
• 3. Addition of 20% of purchases amounting to Rs. 49,08,478/- by the Assessing Officer.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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