UJALA DYEING & PRINTING MILLS PVT. LTD.,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2), SURAT

ITA 2274/AHD/2016Status: DisposedITAT Surat06 November 2018AY 2009-1011 pages
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What did the Tribunal hold?

The Tribunal held that the assessee provided justifiable reasons for the decline in GP, and the CIT(A)'s restriction of the addition was correct. Regarding depreciation, the Tribunal followed the Gujarat High Court's decision allowing set-off against survey income, thus allowing the assessee's appeal.

What were the facts?

The assessee declared a lower Gross Profit (GP) percentage in the assessment year 2009-10 compared to the preceding year. The Assessing Officer (AO) made an addition on account of low GP, which was restricted by the CIT(A). The assessee also claimed depreciation against income disclosed during a survey, which the AO disallowed.

What were the issues?

Whether the assessee's explanation for a lower GP was acceptable, and whether depreciation could be set off against income disclosed during a survey.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 133A,Section 154

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, SURAT– BENCH ‘SURAT

Before: SHRI RAJPAL YADAV & SHRI AMARJIT SINGH

For Appellant: Shri Ramesh Malpani, CA
Hearing: 12/11/2018Pronounced: 13/11/2018

PER RAJPAL YADAV, JUDICIAL MEMBER:

ITA No.17/Ahd/2015 is directed at the instance of Revenue against order of ld.CIT(A)-II, Surat dated 13.10.2014 passed for the Asstt.Year 2009-10. On receipt of notice in Revenue’s appeal, the assessee has filed CO bearing No.29/Ahd/2015. ITA No.2274/Ahd/2016 is directed at the ITA No.17/Ahd/2015 With CO and ITA No.2274/Ahd/2016 2 instance of assessee against order of ld.CIT(A)-II, Surat dated 12.6.2016 passed for the Asstt.Year 2009-10. This

The order continues below.

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