Assessee Smt. Purnima Sunil Agrawal,, Valsad The Income Tax Officer,Vapi Ward-2, Vapi

Last updated: 05 December 2020

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This Income Tax Appellate Tribunal case involves an assessee engaged in scrap trading, Smt. Purnima Sunil Agrawala. The appeal challenges the Income Tax Officer's decision to treat the entire amount of sundry creditors, totalling Rs. 56,68,960, as a cash credit under Section 68 of the Income Tax Act. The assessee also disputes the estimation of 2% of turnover as taxable income, arguing it should be 1.07% as declared.

Court :
ITAT Ahmedabad

Brief :
The captioned appeal filed by the assessee pertaining to assessment year 2011-12, is directed against the order passed by the ld. Commissioner of Income Tax(Appeals), Valsad in appeal no. CIT(A)/VLS/59/14-15 dated 18.08.2015, which in turn arises out of an assessment order passed by the ld. Assessing Officer(AO) under section143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) dated 21.03.2014.

Citation :
I.T.A No.3224/AHD/2015

Daily Limit Reached