ACIT, CC, AGRA, AGRA vs. HMA AGRO INDUSTRIES LIMITED, AGRA

In the result, appeal filed by the assessee for AY 2019-20 is\nallowed and appeals filed by the Revenue in AYs 2021-22, 2022-23 and\n2023-24 are dismissed

reassessment, after recording Md. Irfan's statement. However, the Principal Commissioner of Income Tax (PCIT) initiated revision proceedings u/s 263, believing the AO had not conducted proper inquiries. The PCIT set aside the assessment order, directing fresh inquiries.", "held": "The Tribunal held that the PCIT erred in invoking Section 263 by merely substituting his own opinion for that

ACIT, CC, AGRA, AGRA vs. HMA AGRO INDUSTRIES LIMITED,, AGRA

In the result, ground no.1 raised by the Revenue is accordingly dismissed

Bench: Shris.Rifaur Rahman & Shri Sunil Kumar Singhhma Agro Industries Limited, Vs. Dcit, Central Circle, 2/220, 2Nd Floor, Glory Plaza, Agra. Opp. Soor Sadan, M.G. Road, Agra – 282 002. (Pan :Aacch0450J)

reassessment proceedings, show cause notice, dated 09.04.2024 was issued u/s 263, wherein the PCIT stated that Md. Irfan had entered into huge sale transactions with the assessee and the amount as remitted by HMA Agro Industries Ltd. to Sh. Md. Irfan was immediately withdrawn in cash from his account and in some cases, the funds were transferred to other accounts

HMA AGRO INDUSTRIES LIMITED,AGRA vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE, AGRA, AGRA

In the result, ground no.1 raised by the Revenue is accordingly dismissed

Bench: Shris.Rifaur Rahman & Shri Sunil Kumar Singhhma Agro Industries Limited, Vs. Dcit, Central Circle, 2/220, 2Nd Floor, Glory Plaza, Agra. Opp. Soor Sadan, M.G. Road, Agra – 282 002. (Pan :Aacch0450J)

reassessment proceedings, show cause notice, dated 09.04.2024 was issued u/s 263, wherein the PCIT stated that Md. Irfan had entered into huge sale transactions with the assessee and the amount as remitted by HMA Agro Industries Ltd. to Sh. Md. Irfan was immediately withdrawn in cash from his account and in some cases, the funds were transferred to other accounts

ACIT, CC, AGRA, AGRA vs. HMA AGRO INDUSTRIES LIMITED,, AGRA

In the result, ground no.1 raised by the Revenue is accordingly dismissed

Bench: Shris.Rifaur Rahman & Shri Sunil Kumar Singhhma Agro Industries Limited, Vs. Dcit, Central Circle, 2/220, 2Nd Floor, Glory Plaza, Agra. Opp. Soor Sadan, M.G. Road, Agra – 282 002. (Pan :Aacch0450J)

reassessment proceedings, show cause notice, dated 09.04.2024 was issued u/s 263, wherein the PCIT stated that Md. Irfan had entered into huge sale transactions with the assessee and the amount as remitted by HMA Agro Industries Ltd. to Sh. Md. Irfan was immediately withdrawn in cash from his account and in some cases, the funds were transferred to other accounts