Maruti Koatsu Cylinders Ltd. vs. The DCIT, Circle-2(1)(2), Baroda

Parties Involved

Facts Summary

The assessee, Maruti Koatsu Cylinders Ltd., is a company engaged in the business of manufacturing and trading of high-pressure seamless gas cylinders. The company filed its return of income for the assessment year 2013-14 on 27-09-2013, declaring a total loss of Rs. (-11,82,05,901). The Assessing Officer completed the assessment under section 143(3) on 23-03-2016, assessing the loss at Rs. 10,29,63,900 after making various disallowances. The assessee filed an appeal against the assessment order before the National Faceless Appeal Centre (NFAC) which was dismissed. The assessee further appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Validity of the order passed under section 250 by NFAC on 20.06.2023 for A.Y. 2013-14.
• 2. Disallowance of bad debts, disallowance under section 40(a)(ia), and disallowance under section 43B.
• 3. Upholding the validity of the order of assessment passed under section 143(3) by the Assessing Officer.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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