K V TEX FIRM,CHENNAI vs. ASST. COMMISSIONER OF INCOME TAX , CHENNAI

In the result, all the three appeals of the assessee stand allowed

144B of the Act would also be applicable\nto the Scheme.\"\n21.2 Further it is submitted that the Hon'ble Telangana High Court in the case\nof Sri Venkataramana Reddy Patloola Vs. Deputy Commissioner of Income Tax,\nCircle 1(1) in WP Nos. 13353, 16141 & 16877 of 2024, has adopted the view of\nthe Bombay High Court in the case

ARIHANT RETAIL PVT. LTD.,,CHENNAI vs. PCIT-1,, CHENNAI

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1308/Chny/2024 िनधा"रण वष" / Assessment Year: 2018-19 Arihant Retail Private Limited, Principal Commissioner Of 29, Namachivaya Chetty Street, V. Income Tax -1, Old Washermanpet, Chennai – 600 034. Chennai – 600 021. [Pan: Aaics-3648-F] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. T. Banusekar, Advocate अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 07.08.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.10.2024

144B of the Act vide order dated 13.09.2021 by disallowing 10% of purchases Rs.10,24,37,338/- u/s.69C of the Act and Rs.8,70,890/- u/s.2(24)(x) of the Act by holding as under: “5. On perusal of trading and P & L account as on 31.03.2018, it is found that assessee has shown purchases of Rs.1