Myth Media Solution Pvt Ltd vs AO

Parties Involved

Facts Summary

The assessee company, Myth Media Solution Pvt Ltd, filed an original return declaring income of Rs. 39,21,680/-. The return was processed under section 143(1) and the income as per intimation was determined at Rs. 41,13,210/-. Subsequently, on receipt of information regarding GST evasion by the assessee through fake invoices issued by M/s Star Traders, the case of the assessee was reopened by the Assessing Officer (AO) and a notice under section 148 was issued. The assessee did not comply with the notices issued by the AO. Hence, the assessment was completed under sections 147, 144, and 144B at an income of Rs. 2,99,21,251/- vide order dated 15.03.2023. Aggrieved by this, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) (CIT(A)). The appeal was dismissed as the assessee failed to furnish complete details/evidences sought by the CIT(A). Further aggrieved, the assessee is in appeal before the Tribunal.…

Legal Issues

• 1. Erroneous Upholding of Addition under Section 37(1)
• 2. Failure to Appreciate Documentary Evidence
• 3. Incorrect Reliance on GST Cancellation
• 4. Violation of Principles of Natural Justice
• 5. Misapplication of Judicial Precedents
• 6. Ignoring Economic Reality of Transactions

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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