INCOME TAX OFFICER WARD 13(2)(3), MUMBAI vs. M/S.SHIVAN GIRI STEEL LIMITED, MUMBAI

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ITA 1811/MUM/2023Status: DisposedITAT Mumbai10 August 2023AY 2010-1111 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the CIT(A) erred in deleting the addition without affording the AO an opportunity for remand proceedings and without examining the credit entries himself. The assessee's failure to produce cogent evidence for these credit entries was also noted.

What were the facts?

The Income Tax Officer appealed against the CIT(A)'s order which partly allowed the assessee's appeal. The core issue revolves around the deletion of an addition of Rs. 20,38,25,780/-, which was the total of credit entries in the assessee's bank accounts.

What were the issues?

Whether the CIT(A) was correct in deleting the addition of undisclosed credit entries without proper verification and without giving the AO an opportunity for remand proceedings.

Which sections of the Income-tax Act were involved?

Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, —

Before: SHRI PRASHANT MAHARISHI, AM & SHRI

For Respondent: Dr. Kishor Dhule, CIT DR
Hearing: 09.08.2023Pronounced: 10.08

01 . These are the two apeals filed by the Income Tax Oficer Ward 13 (2)(3) , Mumbai for A.Y. 209 - 10 and 2010 - in case of Shivan Giri Stel Ltd, (asese / apelant ) involving comon grounds of apeal and therefore , same are disposed of by this comon order.

02 . um /2023 is filed for A. Y. 209 - 10 against the apelate order pased by the National Faceles Apeal Centre, New Delhi [ the learned CIT (A)] for A.Y. 209 - 10, th March, dated 27 2023 wherein the apeal filed by the th March, asese against the asesment order dated 29 03 . The learned asesing oficer is agrieved with the apelate order and therefore has prefered this apeal sing folowing grounds of apeal: - —1. Whether on the facts an d the circumstances of the case, the Ld. CIT (A) is corect in deleting the adition of Rs. 20,38,25,780/ - made u/s 69 of the I. T. Act, 1961 being total of al the credit entries in bank acounts undisclosed credit without apreciating the fact that th e asese company failed to produce cogent evidences in suport of credit entries in Bank Acounts.

2.

Whether on the facts and the circumstances of the case, the ld. CIT (A) has ered in deciding the isue of credit entries in banks based on the submisions made by the asese without afording an oportunity to the AO by way of remand procedings.

3.

Whether on the facts and the circumstances of the case, the Ld.CIT(A) is corect in deciding the isue of credit entries in banks without examining /verifying the same at his end, in the course of acording relief to the asese.

4.

Whether on the facts and the circumstances of the case, the Ld. CIT(A) is corect in deleting the adition of Rs. 20,38,25,780/ - , inspite of the fact that the asese by his own admision has stated that the transactions of purchases and sales recorded in the

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