ZYKA MERCHANDISE PRIVATE LIMITED ,INDORE vs. DCIT CENTRAL CIRCLE -2, BHOPAL
What did the Tribunal hold?
The Tribunal condoned the delay in filing appeals due to the COVID-19 pandemic and the accountant's departure. It set aside the orders of the lower authorities and restored the matters to the Assessing Officer for fresh adjudication.
What were the facts?
The assessee failed to provide explanations or evidence for substantial investments and loans/advances shown in their financial statements. The Assessing Officer and CIT(A) confirmed additions under Section 69, citing non-compliance and the assessee's potential involvement in accommodation entry schemes.
What were the issues?
Whether the additions made under Section 69 for unexplained investments and loans/advances were justified without affording the assessee an effective opportunity to present their case, especially considering the circumstances during the COVID-19 period.
Which sections of the Income-tax Act were involved?
Section 69,Section 147,Section 144,Section 142(1),Section 68
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Cases cited in this judgment(2)Show listHide list
Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.
- Andaman Timber Industries v. CCE1,335 citing62 Taxmann.com 3 · 2015 · SC
- Tin Box Company v. CIT624 citing249 ITR 216 · 2001 · SC
Income Tax Appellate Tribunal, INDORE BENCH, INDORE
Before: SHRI SIDDHARTHA NAUTIYAL & SHRI BHAGIRATH MAL BIYANI
Heard together (2 matters)
Read from the judgment's own cause title. This page is filed under one of them.
PER SIDDHARTHA NAUTIYAL - JM: These bunch of appeals have been filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-3, Bhopal vide orders dated 22.11.2024 & 25.11.2024 passed for A.Ys. 2013-
The order continues below.
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