M/S GINNI GOLDLIMITED,NEW DELHI vs. ACIT, NEW DELHI

ITA 673/DEL/2015Status: DisposedITAT Delhi15 April 2021AY 2009-1027 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal restored the issue of closing stock undervaluation to the Assessing Officer for a final opportunity to the assessee to substantiate its case. Other additions were sustained by the CIT(A) and not specifically challenged in the final part of the judgment.

What were the facts?

The assessee company, engaged in bullion and ornament trading, was assessed for AY 2009-10. Additions were made for interest on advances to suppliers, disallowed donations, filing fees, and undervaluation of closing stock.

What were the issues?

Whether the closing stock was undervalued due to clerical errors in valuing gold issued for job work. Whether transactions with related parties were at arm's length.

Which sections of the Income-tax Act were involved?

Section 36(1)(iii),Section 37(1),Section 40A(2)(b)

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

Before: SHRI R.K. PANDA & MS. SUCHITRA KAMBLE

Hearing: 09.02.2021

PER R.K. PANDA, AM :

This appeal filed by the assessee is directed against the order dated

28.11.

2014 of the learned CIT(A)-4, New Delhi, relating to Assessment Year-

2009-10. 2. Facts of the case, in brief, are that the assessee is a company,

engaged in the business of trading in business of bullions and manufacture

and trading of silver and gold ornaments. The assessee filed its return of income on 29.09.2009 declaring total income of Rs.65,59,963/-. During

the course of assessment proceedings, the assessee produced books of account, which were test check by the Assessing Officer. The Assessing

2 Offic

The order continues below.

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