JITENDRA JAISWAL,KEONJHAR vs. ACIT, CIRCLE-1(1), SAMBALPUR, SAMBALPUR

ITA 24/CTK/2015Status: DisposedITAT Cuttack24 August 2017AY 2010-116 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the liability was disclosed in the balance sheet due to technical and typographical errors and the assessee had rectified the default. The matter was remitted to the AO for verification of evidence and to provide an opportunity of hearing to the assessee.

What were the facts?

The assessee, engaged in contract works, disclosed a liability of Rs. 72 lakhs for loading and hire charges, but this was not reflected in the profit and loss account. The Assessing Officer (AO) treated this as a bogus liability and made an addition. The assessee contended it was a typographical error.

What were the issues?

Whether a liability disclosed in the balance sheet but not in the profit and loss account due to alleged typographical error is a bogus liability. Whether the assessee should be given an opportunity to prove the error.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 143(1),Section 142(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM

Hearing: 21/08/2017Pronounced: 24/08/2017

Heard together (2 matters)

ITA No.24/CTK/2015
ITA No.30/CTK/2015

Read from the judgment's own cause title. This page is filed under one of them.

Per Shri Pavan Kumar Gadale, JM: These are appeals filed by the assessee and revenue against the order of CIT(A), Cuttack), dated 24.10.2014, passed in I.T.Appeal No.0338/2014-15, u/s.143(3) of the Income Tax Act, 1961 for the assessment year 2010-2011. 2. Since the issues involved in both th

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 142(1)

All 17,244 judgments and leading authorities on Section 142(1) →

Recent GST High Court judgments

Search GST case law →