Sumit Agarwal vs. Deputy Commissioner

Parties Involved

Facts Summary

A search was conducted on 29/12/2016 in the case of Mangi Lal Agarwal Group, Jodhpur to which the assessee belongs. The assessment order came to be passed on 31/12/2018 computing the total income of the assessee at Rs.17,50,490/- as against the return of income of Rs.10,88,970/-. Aggrieved by the assessment order, the assessee preferred an appeal before the Ld. CIT(A). The Ld. CIT(A) dismissed the appeal filed by the assessee. Aggrieved by the order of Ld. CIT(A), the assessee preferred the present appeal before this Tribunal on the grounds mentioned above.…

Legal Issues

• 1. Not considering the revised return filed as valid return (return revised under section 153A/142(1)/139(5).
• 2. Confirming addition of Rs.1,45,578/- being interest of M/s Jai Jagdamba Builders is bad in law since disclosed in revised return.
• 3. Confirming addition of Rs.5,798/- being less saving bank interest already shown in revised return.
• 4. Not considering the revised return filed during the course of assessment thereby not considering the interest expenses for business purposes u/sec.36(iii)/37(1) of Rs.29,20,626/-
• 5. Not granting the deduction claimed under chapter VI of Income Tax Act, 1961.
• 6. Any other matter with prior permission of the chair.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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