Monnet Ispat and Energy Ltd. vs. ACIT

Parties Involved

Facts Summary

The assessee, M/s. Monnet Ispat & Energy Ltd., is a company engaged in the business of manufacturing sponge iron, steel, structural steel, ferro alloys, power generation, coal mining, and trading. The company filed an income return on 28.09.2012 declaring income at Rs. 2,35,23,11,920/-. The case was selected for scrutiny, and a search and seizure operation was conducted on 19.11.2010. It was found that the assessee had made sham transactions regarding the purchase of fixed assets. The Assessing Officer disallowed the depreciation claim on these non-existent fixed assets and added the amount back to the total income of the assessee. The assessee appealed against this order, and the Commissioner of Income Tax (Appeals) restricted the disallowance to Rs. 4,90,75,001/-. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the order passed by the Commissioner of Income Tax (Appeals) is bad in law, wrong on the facts, and against the principles of natural justice?

Judgment Outcome

Decided in favour of Assessee.

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