ANAMIKA SHARMA,ANGUL vs. ITO, WARD-2, DHENKANAL

ITA 373/CTK/2016Status: DisposedITAT Cuttack18 August 2017AY 2009-104 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal accepted the evidence of the ledger account and bank statements filed by the assessee before it. It directed the Assessing Officer to verify these documents to determine the genuineness of the liability and re-adjudicate the issue.

What were the facts?

The Assessing Officer treated a liability of Rs. 5,90,184/- shown payable to Mahanadi Coal Field (MCL) as unexplained investment, as MCL does not sell coal on credit. The assessee claimed the liability arose due to a bounced cheque and subsequent payment.

What were the issues?

Whether the liability shown as payable to MCL for coal purchase was genuine and adequately explained by the assessee, and if new evidence can be considered by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK

Before: SHRI N.S SAINI

For Appellant: Shri P.K.Mishra, AR
For Respondent: Shri D.K.Pradhan, DR

This is an appeal filed by the assessee against the order of CIT(A)-

2, Bhubaneswar, dated 4.7.2016 for the assessment year 2009-2010. 2. The sole issue involved in this appeal is that the CIT(A) erred in confirming the addition of Rs.5,90,184/- made by the Assessing Officer

under the head “undisclosed investment”.

3.

I have heard the rival submissions, perused the orders of lower

authorities and materials available on record. In the instant case, the Assessing Officer found that in the balance sheet, the assessee has shown

liability of Rs.5,90,184/-payable to Mahanadi Coal Field (MCL) against

purchase of coal. The Assessing Officer observed that the assessee was Asse ssment Year :20 09- 201 0 asked to explain how MCL was

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 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →