M/s T. C. Agro Food Industries Vs Income Tax Officer

Parties Involved

Facts Summary

The case involves two appeals by M/s T. C. Agro Food Industries against the orders of the CIT(A)/NFAC, Delhi and the PCIT, Rohtak for Assessment Year 2018-19. The assessing authority had framed section 147 r.w.s. 144B assessment treating certain sale and purchase transactions as bogus, disallowing purchases of Rs. 27,37,068/- as unexplained expenditure. The lower appellate authority upheld the Assessing Officer’s action. The assessee filed two appeals: one against the lower appellate order and another against the PCIT’s section 263 revision directions. Both appeals involve identical facts and the assessee has provided documentary evidence to prove the genuineness of the transactions.…

Legal Issues

• 1. Whether the sale and purchase transactions of M/s T. C. Agro Food Industries are bogus.
• 2. Whether the disallowance of bogus purchases @12.5% is justified.
• 3. Whether the section 263 revision directions by the PCIT are erroneous.

Judgment Outcome

Decided in favour of Assessee.

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