M/s. Lakshmi Gayathri Arvapalli Vs. The Asst. Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, M/s. Lakshmi Gayathri Arvapalli, is a proprietor of M/s. Srinivasa Chemical Enterprises, engaged in the manufacturing and selling of chemicals. A survey was conducted under Section 133A of the Income-tax Act, 1961, on 14.02.2012, leading to an assessment under Section 143(3) of the Act. The Assessing Officer added Rs. 4,12,92,884/- as unexplained cash advance received from customers, not accounted in the regular books of accounts. The assessee appealed against this addition, and the Commissioner of Income Tax (Appeals) confirmed the addition. The assessee further appealed to the Income Tax Appellate Tribunal, which dismissed the appeal.…

Legal Issues

• 1. Whether the order of the Commissioner of Income Tax (Appeals) upholding the order of the Assessing Officer is against law, principles of justice, weight of evidence, and probabilities of the case of the appellant.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in bringing to tax a sum of Rs.3, 28, 42,884/- as undisclosed income under the provisions of Section 68.

Judgment Outcome

Decided in favour of Assessee.

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