Magaraj Mishrimal Rathi vs. ACIT, Circle-5, Pune

Parties Involved

Facts Summary

The assessee, Magaraj Mishrimal Rathi, filed an appeal against the order passed by the CIT(A)/NFAC for the assessment year 2017-18. The assessee had earlier filed a rectification application under section 154 of the IT Act, which was partly allowed by the Assessing Officer. The CIT(A)/NFAC sustained the additions made by the Assessing Officer. The assessee argued that the CIT(A)/NFAC did not consider the documents and submissions made by the assessee and simply relied on the order passed by the Assessing Officer. The assessee challenged three specific additions: Rs. 3,64,994/- under section 68, Rs. 95,52,296/- under section 68, and Rs. 76,295/- as an ad-hoc addition.…

Legal Issues

• 1. Whether the CIT(A)/NFAC erred in confirming the addition of Rs. 3,64,994/- under section 68 of the IT Act.
• 2. Whether the CIT(A)/NFAC erred in confirming the addition of Rs. 95,52,296/- under section 68 of the IT Act.
• 3. Whether the CIT(A)/NFAC erred in confirming the ad-hoc addition of Rs. 76,295/- @ 15% of total indirect expenses.

Judgment Outcome

Decided in favour of Assessee.

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