ITO 29(1)(2), MUMBAI vs. BHAGWATI ABHILASHA CONVENTURE, MUMBAI

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ITA 1835/MUM/2015Status: DisposedITAT Mumbai25 November 2016AY 2011-124 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, stating that the additions were made solely on the basis of non-compliance with Section 133(6) notices, which were not confronted to the assessee. The assessee had discharged its initial onus by filing details and confirmations, and the genuineness of loans and their use for business were not doubted.

What were the facts?

The Revenue appealed against the deletion of additions made by the AO to the assessee's income. The AO had made additions for unexplained expenditure on material and labour, and for unpaid interest on loans, primarily based on non-compliance with notices issued under Section 133(6).

What were the issues?

Whether additions made by the AO based on non-compliance of Section 133(6) notices, without confronting the assessee, are sustainable. Whether Section 69C is applicable when transactions are recorded in books and income is offered on a notional basis.

Which sections of the Income-tax Act were involved?

Section 133(6),Section 69C,Section 44AD

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI C. N. PRASAD, JM & SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Sushil Kumar Poddar, DR, Shri M. Subramanian, AR
For Respondent: Shri M. Subramanian, AR

आदेश की प्रनिलऱपप अग्रेपषि/Copy of the Order forwarded to : अऩीराथी / The Appellant 1. प्रत्मथी / The Respondent 2. आमकय आमुक्त(अऩीर) / The CIT(A) 3. आमकय आमुक्त / CIT – concerned 4. ववबागीम प्रयतयनधध, आमकय अऩीरीम अधधकयण, भुंफई / DR, ITAT, Mumbai 5. गार्ड पाईर / Guard File 6. आदेशाि सार/ BY ORDER,

उप/सहायक पुंजीकार (Dy./Asstt. Registrar) आयकर अपीऱीय अधिकरण, भुंफई / ITAT, Mumbai Sr. No. Details Date Initials Designation 1 Draft dictation sheets are attached Sr.PS/PS 2 Draft dictated on 21.11.16 Sr.PS/PS 3 Draft Placed before author 22.11.16 Sr.PS/PS 4 Draft proposed & placed before JM/AM the Second Member 5 Draft discussed/approved by JM/AM Second Member 6 Approved Draft comes to the 24.11.16 Sr.PS/PS Sr.PS/PS 7 Order pronouncement on 25.11.16 Sr.PS/PS 8 File sent to the Bench Clerk 25.11.16 Sr.PS/PS 9 Date on which the file goes to the Head clerk 10 Date on which file goes to the AR 11 Date of Dispatch of order

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