M/s Sukaram Marketing Ltd. v. ITO, Ward-8(2), Kolkata
Parties Involved
Facts Summary
The assessee, M/s Sukaram Marketing Ltd., appealed against the orders of the National Faceless Appeal Centre dated 15.05.2024. The appeal contested the confirmation of quantum additions and the levy of penalty under section 271AAC of the Income Tax Act. The assessee argued that the additions made by the Assessing Officer were unjustified as the amounts were either shown as outstanding advances or trade receivables in the assessee's accounts. The Tribunal found that the additions were not justified and ordered their deletion.…
Decision in favour of
Assessee
Legal Issues
- 1. Addition of Rs.7,74,553/- made by the Assessing Officer u/s 68 of the Act by treating the advance outstanding as unexplained cash credit.
- 2. Addition of Rs.5,89,860/- made by the Assessing Officer u/s 68 of the Act as unexplained cash credit.
Judgment Outcome
Decided in favour of Assessee.
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