S R METAL COMPANY,NEW DELHI vs. ITO WARD - 63(2), NEW DELHI

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ITA 4611/DEL/2019Status: DisposedITAT Delhi23 December 2021AY 2010-1111 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) had not properly considered the evidence submitted by the assessee and had passed a non-speaking order. The Tribunal decided to remand the issue back to the CIT(A) to grant one final opportunity to the assessee to substantiate its case.

What were the facts?

The assessee, a partnership firm, declared NIL income. The Assessing Officer (AO) reopened the assessment based on information about accommodation entries totaling Rs. 94,12,375/- from two parties, which were considered bogus purchases. The AO made an addition of 12.5% on these bogus purchases.

What were the issues?

Whether the CIT(A) erred in confirming the addition without properly considering the assessee's evidence and whether the assessee should be given a final opportunity to prove the genuineness of purchases.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 148,Section 69C,Section 144,Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH, ‘SMC’: NEW DELHI

Before: SHRI R.K. PANDA

Hearing: 29.11.2021Pronounced: 23.12.2021

per law. I hold and direct accordingly. The grounds raised by the assessee are allowed for statistical purpose.

8.

In the result, the appeal of the assessee is allowed for statistical purpose.

Order pronounced in the open court on 23rd December, 2021.

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