ACIT, CIRCLE-2, ALWAR vs. SEWA STEEL PVT. LTD., BHIWADI
In the result, the appeals of the Revenue are partly allowed
ITA 573/JPR/2017[2012-13]Status: DisposedITAT Jaipur13 Mar 2023AY 2012-13
Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No.573& 181/JP/2017 fu/kZkj.ko"kZ@AssessmentYear : 2012-13& 2013-14 The ACIT Circle-2, Alwar cuke Vs. M/s. Sewa Steel Pvt. Ltd. E-90-C, Industrial Area, Tijara Bhiwadi, Distt. Alwar (Raj) LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AACCS 4307 D vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksjls@Revenue by: Shri Laxman Singh, Addl. CIT fu/kZkfjrh dh vksjls@Assesseeby : None lquokbZ dh rkjh[k@Date
For Appellant: NoneFor Respondent: Shri Laxman Singh, Addl. CIT fu/kZkfjrh dh vksjls@
Section 43(1)
…n the accounts, may be a bank account, is the asset of the ACIT, CIRCLE-2, ALWAR VS M/S. SEWA STEEL PVT LTD. BHIWADI assessee reflecting the accumulation of profit. Such a presumption is incorrect. Almost on identical situation in the case of India Seed House 69 TTJ 241(supra) AO had made the addition of peak investment on unaccounted sales on the basis of a statement of the partner. However, on the basis of the seized material, the assessee was able to prove that purchases were made on credits. The payments were made from realization of sales. On that ground, it was held that there was no material with the AO to…
