THE DCIT-1(1), INDORE vs. M/S. BABYLISS CURLS & CURVES PVT. LTD., INDORE

ITA 741/IND/2015Status: DisposedITAT Indore28 September 2017AY 2011-1213 pages
AI SummaryDismissed

What did the Tribunal hold?

The ITAT upheld the CIT(A)'s order regarding the cash shortage and bogus liabilities, finding the CIT(A)'s reasoning justified. The Tribunal dismissed the Revenue's appeal, thereby upholding the partial relief granted to the assessee.

What were the facts?

The Assessing Officer made additions to the assessee's income on account of estimated gross profit, shortage of cash found during survey, and bogus liabilities. The CIT(A) partly allowed the assessee's appeal on all three counts. The Revenue appealed to the ITAT against the relief granted by the CIT(A).

What were the issues?

Whether the CIT(A) erred in allowing relief on estimated gross profit, cash shortage, and bogus liabilities without proper basis. The core issue is the correctness of the CIT(A)'s partial deletion of additions made by the AO.

Which sections of the Income-tax Act were involved?

Section 145,Section 143(3),Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCHE, INDORE

Before: SHRI CHANDRA MOHAN GARG & SHRI O.P.MEENA

For Appellant: Shri Anil Garg & Arpit Gaud
For Respondent: Shri Lalchand, CIT (DR)), Shri Anil Garg & Arpit Gaud
Hearing: 25.09.2017Pronounced: 28.09.2017

PER CHANDRAMOHAN GARG, J.M: This appeal has been filed by the Revenue against the order of Ld. Commissioner of Income Tax(Appeals), Ujjain (in short ‘CIT’),

Shri Rajendra Saraf v ACIT-2(1) ITA No.1039/Ind/2016 Assessment Year 2011-12 dated 15.07.2016 for the Assessment Year 2011-12. The ground raised by the revenue read as follows;

“1. On the facts and circumstances of the case the Ld.CIT(A) has erred in allowing relief of Rs.29,04,394/- out of total addition of Rs.39,93,496/

The order continues below.

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