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)
section 292C of the Act that entries in such a seized incriminating material indeed carry presumption of correctness which neither rebutted in the assessment proceedings, nor in the impugned appellate proceedings and nor in the present proceedings. It for the reasons we say that the Ld. AO had rightly made the impugned addition based on contents of the IMs found
