Rajeev Jaiswal and Others v. Income Tax Officer-2(2)

Parties Involved

Facts Summary

The assessee is a partnership firm engaged in the business of wholesale trading of liquor for human consumption. The assessee filed its return of income for the assessment year 2020-21, declaring total income at Rs.7,43,780/- and claimed a refund of Rs.26,15,380/-. The case of the assessee was selected for complete scrutiny. Despite being afforded opportunities on different occasions, the assessee failed to furnish complete details and requisite explanations. Consequently, the Assessing Officer made various additions, resulting in a total income determination of Rs.5,64,31,806/-. The assessee filed an appeal before the Ld. CIT(A), which was dismissed on account of non-compliance by the assessee.…

Legal Issues

• 1. The Learned CIT(A) NFAC grossly erred in confirming the addition of Rs.55688026/- made by the assessing officer.
• 2. The Learned CIT(A) NFAC erred in confirming the addition made by the assessing officers without appreciating the facts of the case.
• 3. The Learned CIT(A) NFAC failed to appreciate that the assessee prevented by a reasonable and sufficient cause in not furnishing the submission in time before the first appellate authority.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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