Precious Fiscal Services Private Limited vs. Income Tax Officer, Ward 1(2)

Parties Involved

Facts Summary

The assessee, Precious Fiscal Services Private Limited, filed an appeal against the order of the National Faceless Appeal Centre, Delhi, which dismissed the assessee's appeal in limine. The assessee argued that they failed to set off a loss of ₹1,10,335/- against the gross income of ₹1,67,806/-, resulting in a wrongly disclosed total income of ₹1,67,806/- instead of the correct income of ₹57,570/-. The assessee also claimed that they were not given a proper opportunity to present their case. The Departmental Representative supported the order of the lower authorities. The Tribunal observed that the assessee failed to furnish necessary documents to prove the correct income. Therefore, the Tribunal allowed the appeal for statistical purposes and restored the issue to the file of the learned CIT (A) for the assessee to furnish relevant documents.…

Legal Issues

• 1. Whether the assessee was given a proper opportunity to present their case?
• 2. Whether the assessee failed to furnish necessary documents to prove the correct income?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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