SEO BRIDAL STUDIO PVT LTD,LUDHIANA vs. DCIT CENTRAL CIRCLE(3), LUDHIANA

ITA 617/CHANDI/2022Status: DisposedITAT Chandigarh27 March 2024AY 2018-2019Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)25 pages
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What did the Tribunal hold?

The Tribunal held that the commission payment was covered by the gross profit already offered to tax. Regarding stock valuation, the Tribunal upheld the CIT(A)'s sustained addition, finding no merit in the assessee's contentions.

What were the facts?

The assessee engaged in bogus purchases and sales, admitting commission payments. The Assessing Officer (AO) made additions for unexplained expenditure and investment. The CIT(A) granted partial relief.

What were the issues?

Whether commission paid on bogus purchases and sales is allowable against disclosed gross profit, and the correct valuation of stock.

Which sections of the Income-tax Act were involved?

Section 69,Section 69C,Section 133A,Section 153A,Section 143(3)

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आयकर अपीलीय अिधकरण,च"डीगढ़ "यायपीठ “बी” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “B”, CHANDIGARH HEARING THROUGH: HYBRID MODE "ी आकाश दीप जैन, उपा"य" एवं "ी िव"म "सह यादव, लेखा सद"य BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA Nos. 307, 308, 309, 310 & 618/Chd/2022 िनधा"रण वष" / Assessment Year : 2013-14, 2015-16, 2016-17, 2017-18 & 2018-19 M/s Seo Lehenga House बनाम The DCIT Main Bazar, Jagraon-142026 Circle-3 Punjab Ludhiana "थायी लेखा सं./PAN NO: ABMFS8434M अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ ITA No. 617/Chd/2022 िनधा"रण वष" / Assessment Year : 2018-19 M/s Seo Bridal Studio Pvt. Ltd. बनाम The DCIT Main Bazar, Jagraon-142026 Circle-3 Punjab Ludhiana "ायी लेखा सं./PAN NO: AASCS1098M अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Advocate and Shri Rishabh Marwah, CA राज"व क" ओर से/ Revenue by : Smt. Kusum, CIT, DR सुनवाई क" तारीख/Date of Hearing : 04/01/2024 उदघोषणा क" तारीख/Date of Pronouncement : 27/03/2024 आदेश/Order PER BENCH : All the above appeals are filed by the respective Assessees against the order passed by the Ld. CIT(A)-5 Ludhiana as per following detail

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