Sice Vaan Joint Venture v. National Faceless Appeal Centre

Parties Involved

Facts Summary

The assessee, Sice Vaan Joint Venture, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) for the Assessment Year 2022-23. The assessee argued that the Commissioner of Income Tax (Appeals) erred in confirming the addition of Rs. 27,96,86,724 made by the Assessing Officer by treating the difference between the receipts reflected in Form 26AS and the turnover declared in the return of income as unexplained business income. The assessee also argued that the Commissioner of Income Tax (Appeals) did not consider the reconciliation statement, audited financial statements, tax audit report, and other supporting materials filed by the assessee during the assessment and appellate proceedings.…

Legal Issues

• 1. The assessee argued that the Commissioner of Income Tax (Appeals) erred in confirming the addition of Rs. 27,96,86,724 made by the Assessing Officer by treating the difference between the receipts reflected in Form 26AS and the turnover declared in the return of income as unexplained business income.
• 2. The assessee argued that the Commissioner of Income Tax (Appeals) did not consider the reconciliation statement, audited financial statements, tax audit report, and other supporting materials filed by the assessee during the assessment and appellate proceedings.

Judgment Outcome

Decided in favour of Assessee.

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