THE PERFECT WOVEN SACKS PVT. LTD.,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-1(3), RAJKOT-GUJARAT

ITA 429/RJT/2015Status: DisposedITAT Rajkot15 July 2019AY 2007-086 pages

AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) had not properly adjudicated the appeal by not considering all the evidence and not providing detailed reasons. The Tribunal noted a lack of basic inquiry by the AO regarding the genuineness of the transaction.

What were the facts?

The assessee company received a cash credit of Rs. 18,50,000/- in its bank account. The guarantor of the loan claimed to have deposited this amount to secure his mortgaged property. However, the guarantor later denied depositing the cash, stating the assessee did it directly.

What were the issues?

Whether the cash deposit in the assessee's account was unexplained investment, and whether the CIT(A) properly adjudicated the appeal by considering all evidence and providing reasoned findings.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 250(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: Shri Mahavir Prasad & Shri Amarjit Singh

For Appellant: Shri Vimal Desai, A.R

For Respondent: Shri Praveen Verma, Sr. D.R, Shri Vimal Desai, A.R

PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- This assessee’s appeal for A.Y. 2007-08, arises from order of the CIT(A)-1, Rajkot dated 30-06-2015, in confirming the addition of Rs.

I.T.A No. 429/Rjt/2015 A.Y. 2007-08 Page No 2

18,50,000/- in proceedings under section 143(3) of the Income Tax Act, 1961; in short “the Act”.

The fact in brief is that return of income declaring income of Rs. Nil was filed on 31st October, 2007. The case was selected under security by issuing of notice u/s. 143(2) of the act. The assessee company was engaged in the business of manufacturing of HDPE/PP Woven. During the course of assessment proceedings, the assess

The order continues below.

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