NACL INDUSTRIES LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(1), HYDERABAD

PDF · subscribers
ITA 202/HYD/2020Status: DisposedITAT Hyderabad15 July 2022AY 2016-172 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal allowed the grounds of appeal and directed the Assessing Officer to delete the addition of ₹ 84,28,163/-. This addition was made under Section 37(1) of the Act.

What were the facts?

The assessee, NACL Industries Limited, appealed an addition made by the Assessing Officer. A corrigendum was issued to correct a missing word in the original order.

What were the issues?

The primary issue was the validity of an addition made by the Assessing Officer under Section 37(1) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 37(1)

AI-generated summary — verify with the full judgment below

NACL Industries Limited, Vs. Assistant Commissioner Hyderabad of Income Tax, [PAN No. AAACN6932H] Circle-16(1), Hyderabad अपीलाथ�/Appellant �� यथ�/Respondent �नधा�रती �वारा/Assessee by: Shri C.S.Subrahmanyam, AR राज� व �वारा/Revenue by: Shri Rohit Mujumdar, DR CORRIGENDUM It has come to our notice that at the ending of para 14 of the order one word is missing. Hence, the same may be read as under:

14.

……………………… With this view of the matter, we allow the grounds of appeal, and direct the learned Assessing Officer to ‘delete’ addition of ₹ 84,28,163/-made under section 37(1) of the Act.

More judgments on Section 37(1)

All 6,995 judgments and leading authorities on Section 37(1) →

Recent GST High Court judgments

Search GST case law →