ACIT, CIRCLE-3(2), NEW DELHI vs. ASIAN CONSOLIDATED INDS.LTD), REWARI

ITA 7501/DEL/2018Status: DisposedITAT Delhi27 August 2025AY 1995-96Bench: CIT(A).23 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO's disallowances of interest, manufacturing expenses, and administrative/selling expenses were not substantiated by contrary facts. The CIT(A)'s deletion of interest and manufacturing expenses was upheld, and the disallowance of administrative and selling expenses was partly allowed.

What were the facts?

The assessee company underwent mergers and liquidation proceedings. After revival, the Assessing Officer (AO) passed a consolidated assessment order. The Commissioner of Income Tax (Appeals) deleted various additions and disallowances made by the AO.

What were the issues?

Whether the CIT(A) erred in deleting additions and disallowances made by the AO, particularly concerning bogus sales/purchases, unexplained investments, and disallowance of expenses. The correctness of rejecting books of accounts and applying presumptive rates was also questioned.

Which sections of the Income-tax Act were involved?

Section 142(2A),Section 145,Section 44AD,Section 80HH,Section 80I

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘F’’ : NEW DELHI

Before: SHRI ANUBHAV SHARMA & SHRI KRINWANT SAHAY, ACCOUTANT MEMBER

For Appellant: Adv. & Sh. Ayush Garg, CA
For Respondent: Ms. Monika Singh, CIT-DR
Hearing: 20.08.2025Pronounced: 27.08.2025

PER KRINWANT SAHAY, AM:

These appeals have been filed by the Revenue relating to assessment years 1993-94, 1994-95 and 1995-96 in the case of the same assessee viz. M/s Asian Consolidated Industries Ltd. Since the issues involved in these

appeals are inter-connected, hence, the appeals were heard together and are being consolidated and disposed of by this common order for the sake of convenience., by dealing with first with ITA No. 4514/Del/2018 (AY 1993-94).

2.

Brief facts of the case are that the assessee company M/s. Asia Consolidated Industries Ltd. is a limited company incorporated under the Companies Act 1956 on 8.01.1995 by

The order continues below.

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