MITSUI O.S.K LINES (INDIA) P. LTD,MUMBAI vs. DCIT 8(2), MUMBAI

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ITA 7757/MUM/2014Status: DisposedITAT Mumbai22 August 2016AY 2010-119 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that additions based solely on unreconciled AIR information, especially when the assessee denies business dealings, are not sustainable. The Tribunal followed a co-ordinate bench decision in a similar case.

What were the facts?

The assessee's income was assessed by adding unreconciled entries from AIR information. The CIT(A) partially allowed the appeal, deleting a portion of the addition but sustaining Rs. 7,30,755/- for un-reconciled transactions.

What were the issues?

Whether additions made on the basis of unreconciled AIR information are valid when the assessee denies business dealings with the parties mentioned in the AIR.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 143(3),Section 115JB,Section 133(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI SHAILENDRA KUMAR YADAV, JM & SHRI RAJESH KUMAR, AM

Hearing: 3.8.2016Pronounced: 22.8.2016

आदेश की प्रतिलऱपप अग्रेपिि/Copy of the Order forwarded to : अऩीरधथी / The Appellant 1. प्रत्मथी / The Respondent. 2. आमकय आमुक्त(अऩीर) / The CIT(A)- concerned 3. आमकय आमुक्त / CIT concerned 4. ववबधगीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / 5. DR, ITAT, Mumbai concerned 6. गधर्ा पधईर / Guard file. आदेशधनुसधय/ BY ORDER, / / True Copy / /

सहधमक ऩंजीकधय (Asstt. Registrar) आमकय अऩीरीम अधधकयण, भुंफई /ITAT, Mumbai

Date Initials 1. Draft dictated on 3.8.2016 SPS 2. Draft placed before author 17.8.2016 SPS 3. Draft proposed & placed before the Second JM Member 4. Draft discussed/approved by Second Member AM 5. Approved Draft comes to the Sr. PS SPS 6. Kept for pronouncement on SPS 7. File sent to the Bench Clerk SPS 8. Date on which file goes to the Head Clerk 9. Date on which file goes to A.R. 10. Date of dispatch of order

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