M/s. Amrut Dredging & Shipping Ltd. vs. ITO

Parties Involved

Facts Summary

The case involves an appeal by M/s. Amrut Dredging & Shipping Ltd. against the order passed by the National Faceless Appeal Centre, Delhi, confirming the action of the Assessing Officer in respect of determining total income for the assessment year 2014-15. The assessee challenged the addition of undisclosed income, including long-term capital gain, expenses for arranging accommodation entry, and disallowance of revenue expenses. The assessee argued that the transactions were genuine and supported by documentary evidence. The Tribunal reviewed the evidence and found that the Assessing Officer's allegations were not supported by any incriminating evidence or material. The Tribunal concluded that the transactions were genuine and deleted the additions made by the Assessing Officer.…

Legal Issues

• 1. The learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi has erred in confirming the action of the Assessing Officer in respect of determining total Income at Rs. 22,56,059/- as against returned income of Rs. Nil is unwarranted, unjustified and bad in law.
• 2. The learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi has erred in confirming the action of the Assessing Officer in respect of made the addition of Rs. 20,05,716/-on account of long term capital gain treated as undisclosed Income for the year under consideration and taxing under the head 'Income from other sources' is unwarranted, unjustified and bad in law.
• 3. The learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi has erred in confirming the action of the Assessing Officer in respect of made the addition of Rs.1,20,343/- on the alleged ground of commission for arrangement of entry to operator treating the same as Income earned from undisclosed sources not offered for taxation during the year is unwarranted, unjustified and bad in law.
• 4. The learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi has erred in confirming the action of the Assessing Officer in respect of made the addition of Rs.1,30,000/- on the alleged ground of disallowance of Revenue Expenses of Rs.10,000/- and Rs.1,20,000/- paid to A Shah and Associates is unwarranted, unjustified and bad in law.

Judgment Outcome

Decided in favour of Assessee.

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