M/S. GNG TRADING COMPANY PVT. LTD.,DELHI vs. ADDL. CIT, GURGAON

ITA 1775/DEL/2017Status: DisposedITAT Delhi06 April 2023AY 2010-113 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to provide evidence to justify advances made, the applicability of Section 43B for unpaid sales tax, the creditworthiness of unsecured loan providers, the use of computers for business before the year-end, and supporting vouchers for labour charges.

What were the facts?

The assessee's appeal arose from an assessment order where the Assessing Officer disallowed interest expense on advances, added back unpaid sales tax, and disallowed depreciation on computers. The Commissioner (Appeals) upheld these additions.

What were the issues?

Whether the disallowance of interest on advances, addition of unpaid sales tax, disallowance of depreciation, and addition of unsecured loans were justified due to lack of evidence.

Which sections of the Income-tax Act were involved?

Section 36(1)(3),Section 43B

AI-generated summary — verify with the full judgment below

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

Before: SH. N.K.BILLAIYA & SH. ANUBHAV SHARMA

For Respondent: Shri Anuj Garg, Sr. DR
Hearing: 23.03.2023Pronounced: 06.04.2023

Per Anubhav Sharma, JM :

The appeal has been filed by the Assessee against order dated 19.03.2015 Appeal no. 251/12-13 passed for assessment year 2010-11, by the Commissioner of Income Tax (Appeals)-1, Gurgaon (hereinafter referred to as the First Appellate Authority or in short ‘Ld. F.A.A.’) in regard to the appeal before it arising out of assessment order dated 22.02.2013 u/s 143(3) of I.T. Act, 1961 (hereinafter referred to as ‘the Act’) passed by ACIT, Range-1, Gurgaon (hereinafter referred as Ld. Assessing officer or in short Ld. AO).

1775.

Del.2017 M/s. GNG Trading Company P. Ltd.

2.

Heard. As the case was called for hearing, non-appeared for the assessee. The record shows since 11.01.2021 matter has bee

The order continues below.

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