Trans Metalite India Limited Vs. Assessment Unit, Income Tax Department, ACIT, Circle -25 (1) Delhi

Parties Involved

Facts Summary

The assessee, Trans Metalite India Limited, filed its return of income for the Assessment Year 2019-20 on 30-10-2019 declaring a total income of Rs 6,74,546/-. During verification, it was found that the assessee received unsecured loans amounting to Rs 1,07,43,661/- from two shell companies. The case was reopened, and an order was passed under Section 148A(d) of the Act. The Assessing Officer made several additions under various sections of the Act. Aggrieved by the order, the assessee filed an appeal before the National Faceless Appeal Centre (NFAC), which dismissed the appeal for want of prosecution as the assessee did not appear before the NFAC. The assessee then appealed to the Tribunal.…

Legal Issues

• 1. Whether the assessment order dated 27.03.2024 passed under Section 147 r.w.s. 144B of the Income Tax Act, 1961, and the additions/disallowances made therein are illegal, bad in law, without jurisdiction, and not in accordance with the provisions of the Act.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in confirming the additions/disallowances made by the Assessing Officer.
• 3. Whether the Assessing Officer and the Commissioner of Income Tax (Appeals) erred in not granting reasonable and sufficient opportunity to the Appellant to place on record the documents or evidence in support of its submissions.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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