M.K. WOOD TRADING CORPORATION,LUCKNOW vs. DCIT/ACIT-1, LUCKNOW
In the result, the appeal of the assessee stands allowed for statistical purposes
ITA 504/LKW/2025[2020-21]Status: DisposedITAT Lucknow31 Dec 2025AY 2020-21
Bench: Shri. Sudhanshu Srivastavaassessment Year: 2020-21 M. K. Wood Trading Corporation V. The Dcit/Acit-1 10, Basha Khera Lucknow New Takrohi, Indira Nagar Lucknow (U.P) Tan/Pan:Aarfm2443G (Applicant) (Respondent) Applicant By: Shri Rakesh Garg, Advocate Respondent By: Shri R.R.N. Shukla, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against The Order Dated 07.08.2024, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2020-21. 2.0 The Brief Facts Of The Case Are That The Assessee Was A Partnership Firm Engaged In The Business Of Timber Products. The Assessee Filed Its Return Of Income For The Year Under Consideration On 10.12.2020 Declaring A Total Income Of Rs.54,030/-. The Case Of The Assessee Was Selected For Scrutiny Assessment And, Accordingly, The Assessing Officer (Ao) Issued Statutory Notices To The Assessee. However, There Was No Response From The Side Of The Assessee. The Ao Finally Issued Show Cause Notice Under Section 144 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’) Dated 21.3.2022, Vide Which The Ao
For Respondent: Shri R.R.N. Shukla, D.R
Section 143(3)Section 144Section 144BSection 68
68 of the Act without appreciating that in certain cases old balances have been brought forward wherein new amounts have been received, such accounts being accepted as genuine and self-explanatory, the addition made is bad in law, be deleted.
3.0
The Ld. Authorized Representative for the assessee (Ld.
A.R.) submitted that there is a delay of 273 days
