THE DCIT CENTRAL-3, INDORE vs. M/S HANUMAN PROESSOR, BURHANPUR

ITA 169/IND/2023Status: DisposedITAT Indore30 November 2023AY 2020-21Bench: SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRIB.M. BIYANI (Accountant Member)20 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the deletion of the addition for excess stock, accepting the assessee's retraction. However, it dismissed the assessee's cross-objection regarding the higher tax rate on excess cash, finding the AO's action justified as the source of the cash was unexplained.

What were the facts?

During a survey, the assessee firm admitted to unrecorded business receipts, excess cash, and excess stock. The Assessing Officer (AO) made additions for excess stock and applied a higher tax rate to excess cash, but the assessee retracted the surrender regarding excess stock.

What were the issues?

Whether the addition for excess stock was justified despite retraction, and whether the higher tax rate under Section 115BBE was applicable to unexplained excess cash.

Which sections of the Income-tax Act were involved?

Section 133A,Section 143(3),Section 69B,Section 115BBE,Section 69A

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI VIJAY PAL RAO & SHRIB.M. BIYANI

For Appellant: Shri P.D. Nagar, AR
For Respondent: Shri Ashish Porwal, Sr. DR, Shri P.D. Nagar, AR
Hearing: 25.10.2023Pronounced: 30.11.2023

Per B.M. Biyani, A.M.:

Feeling aggrieved by appeal-order dated 15.02.2023passed by learned Commissioner of Income-Tax (Appeals)-3, Bhopal [“Ld. CIT(A)”], which in turn arises out of assessment-order dated 25.05.2022 passed by learned DCIT/ACIT, Central Circle 3, Indore[“Ld. AO”] u/s 143(3) of Income-tax Act, Hanuman Processors, Burhanpur. I.T.A.No.169/Ind/2023andC.O. No.7/Ind/2023 Assessment year 2020-21 1961 [“the Act”] for Assessment-Year [“AY”] 2020-21, the revenue has

The order continues below.

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