Mahadev Stone Works vs. ITO Ward-3(3)

Parties Involved

Facts Summary

The case involves two appeals filed by Mahadev Stone Works against orders passed by the Commissioner of Income Tax (Appeals) in Delhi. The first appeal (ITA No. 37/VNS/2023) challenges the penalty levied under section 271B of the Income Tax Act for not furnishing the tax audit report within the due date. The second appeal (ITA No. 73/VNS/2023) pertains to the quantum assessment proceedings where the Assessing Officer made an addition of Rs. 9,97,366/- by estimating the profit of the assessee at 7% of the turnover. The assessee did not respond to the notices issued by the Ld. CIT(A), leading to the ex-parte order.…

Legal Issues

• 1. Penalty levied under section 271B for not furnishing the tax audit report within the due date.
• 2. Quantum assessment proceedings where the Assessing Officer made an addition of Rs. 9,97,366/-.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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