ACIT-CENTRAL-CIRCLE-2(3), NAGPUR vs. GUPTA DOMESTIC FUELS (NAGPUR) LTD., NAGPUR

ITA 201/NAG/2014Status: DisposedITAT Nagpur29 March 2019AY 2010-117 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the Assessing Officer failed to discharge the onus of proving the expenses were bogus. The Tribunal noted that payments were made to banks and other parties, and no infirmity was pointed out in the individual expenditure heads.

What were the facts?

The Assessing Officer disallowed expenses of Rs. 1,63,64,142/- claimed by the assessee, engaged in coal and steel trading, on grounds of being exorbitant and not established as genuine. The CIT(A) deleted the entire addition, leading to an appeal by the Revenue.

What were the issues?

Whether the disallowance of various business expenses aggregating to Rs. 1,63,64,142/- by the Assessing Officer was justified, or if the deletion by the CIT(A) was correct.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 153A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri Rajesh Loya
For Respondent: Shri U.U. Kasar

Heard together (2 matters)

ITA No.201/NAG/2014
CO No.24/NAG/2017

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

PER VIKAS AWASTHY, JM :

This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-III

The order continues below.

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