Vijay Agencies vs. ITO, Ward-2, Latur

Parties Involved

Facts Summary

The appellant, Vijay Agencies, is a partnership firm engaged in the business of Trading in Machinery parts, Accessories, Industrial Gases, L&T Switchgears, etc. The Return of Income for the Assessment Year 2013-14 was filed on 29.09.2013 declaring total income of Rs.11,18,058/-. The Assessing Officer completed the assessment at a total income of Rs.1,57,79,720/-. The AO made disallowance of Rs.16,80,223/- u/s.40(a)(ia) and addition of unsecured loans received from various parties to the tune of Rs.1,29,81,441/- as Income from Other Sources u/s.68 of the Act. The CIT(A)/NFAC deleted the addition u/s.40(a)(ia) and deleted the addition in respect of Agarwal Trading Company, Vivek Gilda, Mahavir Gems, but upheld the addition in respect of five other parties. The appellant appealed against the order of CIT(A)/NFAC.…

Legal Issues

• 1. Whether the CIT(A)/NFAC correctly dealt with the explanation offered by the appellant against the adverse comments of the AO?

Judgment Outcome

Decided in favour of Assessee.

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