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Lucky Machine P. Ltd, the appeal of the assessee has been allowed with the judgement of Ld. DR being overruled

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Court :
ITAT New Delhi

Brief :
This appeal by assessee has been directed against theorder of Ld. CIT(Appeals)-Faridabad dated 22.05.2019 for AY 2010-11.

Citation :
ITA.No.5415/Del./2019

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES “SMC”: DELHI

BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER
ITA.No.5415/Del./2019
Assessment Year 2010-11

M/s Lucky Machines P. Ltd.
Kawara Industrial Area,
Kawara Road,
Near Lingyas College,
Faridabad.
PAN No. AABCL7307H
(Appellant) 

vs.

DCIT
Circle-1,
Faridabad,
Haryana.
(Respondent)

For Assessee : Shri K.C. Singhal, Advocate
For Revenue : Shri Prakash Dubey, Sr. DR

Date of Hearing : 04.01.2021
Date of Pronouncement : 08.01.2021

ORDER

This appeal by assessee has been directed against theorder of Ld. CIT(Appeals)-Faridabad dated 22.05.2019 for AY 2010-11.

2. I have heard Ld. Representatives of both the parties through Video Conferring and perused the material on record.

3. Ld. Counsel for assessee did not press ground no. 1 & 2of the appeal regarding initiation of reassessment proceedings. The same is dismissed as not pressed.

4. Briefly the facts of the case are that return of income declaring Rs. 500/- was e-filed by the assessee company on12.09.2010. The return was processed u/s 143(1) of the IT Act, as such. The AO issued notice u/s 148 on 31.03.2017 after recording the reasons that the assessee company hasreceived accommodation entry from Grace Exim Pvt. Ltd. in asum of Rs. 4 lakhs. The assessee submitted before AO in its submission dated 19.04.2017, the return filed originally may be considered as return filed in response to notice u/s 148 of the IT Act. The assessee filed detailed reply before AOobjecting to the proposed action u/s 148 of the Act as well asaddition on merits. The AO, however, made addition of Rs. 4 lakhs u/s 68 of the Act in reassessment order dated 24.12.2017 u/s 143(3)/147 of the Act.

To know more in details find the attachment file

 

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on 13 January 2021
Published in Income Tax
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