INCOME TAX OFFICER, WARD-1(2)(1), SURAT, SURAT vs. MAHAVIR CORPORATION, SURAT

ITA 132/SRT/2024Status: DisposedITAT Surat17 September 20264 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) was correct in deleting the addition as no new capital was introduced by partners during the year; the increase in balances was due to profits, interest, and remuneration. The assessee's audit accounts supported this.

What were the facts?

The Revenue appealed against the CIT(A)'s order for AY 2015-16. The appeal focused on the deletion of additions made by the AO regarding unexplained capital introduction.

What were the issues?

Whether the CIT(A) erred in deleting the addition on account of unexplained capital introduction when the assessee claimed the increase was due to profits and remuneration, not new capital.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: MS. SUCHITRA KAMBLE & SHRI B.M. BIYANI

For Respondent: Shri Rajesh Upadhyay, AR
Pronounced: 17.09.2026

PER : SUCHITRA KAMBLE, J M:

The appeal filed by the Revenue is against the order passed by the Commissioner of Income Tax, Appeals, National Faceless Appeal Centre (NFAC), Delhi [in short “CIT(A)”] dated 13.12.2023 for the Assessment Year (in short “AY”) 2015-16. 2. The Revenue has raised the following grounds of appeal:

“1. On the facts and circumstances of the case and in law, the Ld. CITA) has erred in admitting additional evidences as the AO has not got an opportunit

The order continues below.

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