VERTEX SPINNING LTD,MUMBAI vs. DCIT 5(3), MUMBAI

ITA 256/MUM/2018Status: DisposedITAT Mumbai20 December 2022AY 2010-1111 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to dismiss the assessee's ground regarding the ex-parte order. It also upheld the CIT(A)'s estimation of net profit at 3% and the deletion of the addition on account of sundry creditors, finding no infirmity in the CIT(A)'s order.

What were the facts?

The assessee's case was selected for scrutiny, but they failed to comply with notices and summons, leading to an ex-parte assessment under Section 144. The Assessing Officer estimated profits at 6.23% and added sundry creditors. The CIT(A) deleted the addition of sundry creditors and expenses, and reduced the estimated profit rate to 3%.

What were the issues?

Whether the ex-parte assessment order was justified and the correctness of the estimated net profit rate and the addition of sundry creditors.

Which sections of the Income-tax Act were involved?

Section 144,Section 143(3),Section 131

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, F BENCH, MUMBAI

Per Rahul Chaudhary, Judicial Member:

1.

The present cross appeals arise from the order of Commissioner of Income Tax (Appeals)-10, Mumbai [hereinafter referred to as „the CIT(A)‟], passed on 27.02.2017

ITA. No. 256/Mum/218 & 4032/Mum/2017 Assessment Year: 2010-11 for the Assessment Year 2010-11, which in turn arose from the Assessment Order, dated 14.03.2013, passed under Section 143(3) of

The order continues below.

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