DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, PANAJI vs. M/S MOHIT ISPAT LTD., KUNDAIM
Appeal of the Revenue is PARTLY ALLOWED in aforestated terms
ITA 9/PAN/2020[2016-17]Status: DisposedITAT Panaji27 Feb 2026AY 2016-17
Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Years: 2016-17 Dy. Commissioner Of Income Tax, Central Circle, Panaji, Goa. . . . . . . . Appellant V/S M/S Mohit Ispat Limited 339/340, Kundaim Industrial Estate, Goa-403115 Pan: Aaccm8154E . . . . . . . Respondent Represented Assessee By: Mr Shriniwas Naik & Narchiva Lotlikar [‘Ld. Ar’] Revenue By: Mr Naveen Kumar [‘Ld. Dr’] Date Of Conclusive Hearing : 04/02/2026 Date Of Pronouncement : 27/02/2026 Order Per G. D. Padmahshali; This Appeal Of The Revenue Instituted U/S 253(2) Of The Income-Tax Act, 1961 [‘The Act’] Challenges Order Dt. 04/10/2019 Passed U/S 250 Of The Act By The Commissioner Of Income Tax Appeals-2, Panaji Goa [‘Ld. Cit(A)’] Which In Turn Sprung From Order Of Assessment Dt. 30/12/2017 Passed U/S 143(3) Of The Act By Acit, Central Circle, Panaji Goa [‘Ld. Ao’] Anent To Assessment Year 2016-17.[‘Ay’]
For Appellant: Mr Shriniwas Naik & Narchiva Lotlikar [‘Ld. AR’]For Respondent: Mr Naveen Kumar [‘Ld. DR’]
Section 132Section 133ASection 139(1)Section 143(3)Section 246ASection 250Section 253Section 253(2)
139(1) of the Act on 28/09/2016 declaring total income of ₹5,53,39,060/-. On 10/02/2016 a search & seizure action on the assessee company &
its director was conducted u/s 132 of the Act and a survey proceedings u/s 133A of the Act simultaneously was also conducted at three manufacturing facilities of the assessee company, wherein certain incriminating material were
