M/s Maa Raktdantika Contractors and Suppliers Pvt. Ltd. vs. DCIT/ACIT, Range-4, Lucknow

Parties Involved

Facts Summary

The assessee, M/s Maa Raktdantika Contractors and Suppliers Pvt. Ltd., was involved in the business of selling Maurang. The Assessing Officer made additions under section 68 of the Income Tax Act, 1961, for higher quantity and higher sale price of Maurang sold by the assessee. The assessee filed an appeal against the assessment order, which was partly allowed by the Commissioner of Income Tax (Appeals). Both the assessee and the Revenue filed appeals against the appellate order. The key disputes were regarding the additions made under section 68 of the IT Act and the addition of Rs.81,28,260/- made by the Assessing Officer. The assessee argued that the additions were not justified and resulted in double taxation.…

Legal Issues

• 1. Addition of Rs.8,30,40,000/- under section 68 of the IT Act for higher quantity of Maurang sold.
• 2. Addition of Rs.2,48,16,616/- under section 68 of the IT Act for higher sale price of Maurang.
• 3. Addition of Rs.81,28,260/- made by the Assessing Officer for non-deduction of TDS on price differential payable to sellers of Maurang.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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