TIRUPATI ENTERPRISE,RAJKOT vs. THE ACIT, CIRCLE 2 (1), RAJKOT

ITA 628/RJT/2025Status: HeardITAT Rajkot17 September 2026AY 2016-175 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the quantum addition issues for both assessment years to the Assessing Officer for fresh adjudication. The penalty proceedings were also set aside and restored for reconsideration after the quantum issues are decided.

What were the facts?

The assessee, a partnership firm engaged in scrap trading, had additions made to its income for AY 2015-16 and AY 2016-17. Penalty proceedings were also initiated for AY 2016-17. The assessee appealed these orders.

What were the issues?

Whether the addition on account of interest on interest-free advances was justified and whether penalty was leviable. The need for fresh examination of evidence was a key factor.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 263,Section 144B,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Before: Dr. Arjun Lal Saini & Shri Sonjoy Sarma

For Appellant: Shri Digant Kiyada, Ld. AR
For Respondent: Shri Pravin Sinha, Ld. Sr. DR
Hearing: 16/09/2026Pronounced: 17/09/2026

Per, Shri Sonjoy Sarma, JM: Captioned appeals filed by the assessee in ITA No. 627/Rjt/2025 is directed against the order of the National Faceless Appeal Centre [hereinafter referred to as ‘NFAC’], dated 11.07.2025, arising out of the assessment order passed under section 143(3) read with section 263 of the Income-tax Act, 1961 [hereinafter referred to as "the Act"], dated 22.09.2021, for the Assessment Year 2015-16. ITA No. 628/Rjt/2025 is directed against the orde

The order continues below.

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