INCOME TAX OFFICER 8(3)(3), MUMBAI vs. M/S.VIBGYOR TEXOTECH PRIVATE LIMITED, MUMBAI

ITA 1484/MUM/2018Status: DisposedITAT Mumbai29 April 2022AY 2009-1066 pages
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What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision on certain issues, including the estimation of profit at 3% and dismissed the assessee's ground regarding the validity of the assessment order being passed under Section 143(3) r.w.s. 147 instead of Section 144. The Tribunal also dismissed the assessee's ground regarding fixed assets as infructuous.

What were the facts?

The Assessing Officer (AO) reopened the assessment based on information of accommodation entries and rejected the assessee's books of accounts. The AO estimated profit at 5% on turnover, added non-operating income, disallowed interest and expenses under various sections, and made additions for cash credit and fixed assets.

What were the issues?

The key issues involved the validity of reassessment proceedings, estimation of profit, disallowance of expenses, and additions for cash credits and fixed assets when books of accounts are rejected.

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 68,Section 143(3),Section 147,Section 144,Section 148,Section 43B

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Income Tax Appellate Tribunal, MUMBAI BENCH “F” MUMBAI

Before: SHRI AMARJIT SINGH & SHRI OM PRAKASH KANT

For Appellant: Mr. Pavan Ved, AR
For Respondent: Mr. Achal Sharma, CIT-DR/, Mr. S.N. Kabra, DR
Hearing: 08/03/2022Pronounced: 28/04/2022

PER OM PRAKASH KANT, AM These cross appeals by the assessee and the Revenue are directed against order dated 14/12/2017 passed by the Ld. Commissioner of Income-tax(Appeals)-14, Mumbai [in short ‘the Ld. CIT(A)’] for assessment year 2009-10. 2. The grounds raised by the assessee in its appeal are reproduced as under:

1.

The order of the Assessing Officer and o

The order continues below.

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