ASSISTANT COMMISSIONER OF INCOME TAX (CENTRAL), JABALPUR vs. M/S. SHIVANGI OIL PVT. LTD., SHAHDOL

ITA 21/JAB/2018Status: DisposedITAT Jabalpur22 December 2023AY 2015-1614 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to restrict the addition on account of unexplained stock to Rs. 43,51,897/-, which was accepted by the assessee. The Tribunal also dismissed the Revenue's appeal regarding the deletion of Rs. 62,50,000/- of unexplained cash, as the assessee had surrendered this amount.

What were the facts?

During a search operation, a significant difference was found between the physically inventoried stock and the stock as per the assessee's incomplete books. The assessee's representative initially could not explain the excess stock, but later a reconciled figure of Rs. 43,51,897/- was accepted as undisclosed stock.

What were the issues?

Whether the addition on account of unexplained stock and cash found during a search is justified, and to what extent. The dispute revolves around the confirmation and deletion of additions made by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 132,Section 153A,Section 132(4)

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Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, JABALPUR BENCH, JABALPUR

Before: DR. B.R.R. KUMAR & SHRI YOGESH KUMAR U.S.

For Appellant: Shri P. K. Dewani, A.R, Shri B. K. Nema, Advocate
Hearing: 28/11/2023Pronounced: 22/12/2023

Heard together (2 matters)

I.T.A. No.08/JAB/2018
I.T.A. No.21/JAB/2018

Read from the judgment's own cause title. This page is filed under one of them.

PER YOGESH KUMAR U.S.; J.M. The present appeal filed by the Assessee and the Revenue against the common order of Commissioner of Income Tax (Appeals)-I, (‘CIT’ for short) Jabalpur dated 27/11/2017 pertaining to the assessment year 2015-16. Shivangi Oils Mills Pvt. Ltd. Vs. ACIT

2.

The grounds of appeal of the Assessee and the grounds raised in the Revenue are as under:

Grounds of I.T.A.No.08/JAB/2018

“1. The Hon'

The order continues below.

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