Shri Rupesh Agarwal Vs. Pr. CIT, Ghaziabad

Parties Involved

Facts Summary

The assessee, Shri Rupesh Agarwal, filed his return of income for the assessment year 2018-19 declaring a total income of Rs 10,19,601/-. The assessment was completed under section 144 r.w.s. 144B of the Income-tax Act, 1961 on 30-04-2021, determining the total income at Rs 11,15,55,584/-. An addition on account of estimation of profit at the rate of 7 percent of turnover in the sum of Rs 11,05,26,953/- was made after the rejection of books of accounts under section 145(3) of the Act. The Learned Principal Commissioner of Income Tax (PCIT) assumed revisionary jurisdiction under section 263 of the Act, alleging that the assessment order was erroneous and prejudicial to the interest of the revenue.…

Legal Issues

• 1. Whether the Leonard PCIT was justified in assuming revisionary jurisdiction under section 263 of the Act.

Judgment Outcome

Decided in favour of Revenue.

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