SRI MAHARAJA REFINERIES,ERODE vs. ACIT, CIRCLE-I,, ERODE

ITA 1956/CHNY/2024Status: DisposedITAT Chennai07 May 2025AY 2014-1519 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessment order was passed beyond the prescribed time limit under Section 153(5) of the Income Tax Act. It also noted that the AO failed to provide the assessee with a copy of the Department of Economic Affairs report, violating principles of natural justice.

What were the facts?

The assessee, engaged in import/export of palm oil, faced scrutiny for its low net profit and large expenses. The Assessing Officer (AO) made additions based on a report from the Department of Economic Affairs and a reference to the Transfer Pricing Officer (TPO). The ITAT had previously restored the matter to the AO for examination under Section 40A(2)(b) after finding the TPO reference invalid.

What were the issues?

Whether the assessment order was passed within the time limit prescribed by Section 153(5) and whether the assessee was denied natural justice due to non-disclosure of crucial documents.

Which sections of the Income-tax Act were involved?

Section 153(5),Section 40A(2)(b),Section 143(3),Section 92CA,Section 144B,Section 151A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C BENCH, CHENNAI

Before: SHRI MANU KUMAR GIRI

For Appellant: Mr. S.Sridhar, Advocate (Erode), Mr. R.Clement Ramesh Kumar
For Respondent: Mr. S.Sridhar, Advocate (Erode), Mr. R.Clement Ramesh Kumar
Hearing: 19.02.2025Pronounced: 07.05.2025

PER MANU KUMAR GIRI, JM: The captioned appeals filed by the assessee are directed against separate orders of the Ld. Commissioner of Income Tax (Appeals)(NFAC), Delhi [CIT(A)] both dated 07.06.2024 for Assessment Years 2013-14 & 2014-15. Since the facts and issues are common in these appeals, they are heard together and disposed off by this common order. ITA No.1955/Chny/2024 : (A.Y. 2013-1

The order continues below.

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