In the absence of insufficiency addition is rightly be deleted and late payment of tax is compensatory

Last updated: 22 September 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Brief facts are the assessee is engaged in business of manufacturing and trading of perfumery compounds, aromatic chemicals & other oils. Survey operations were carried out in the case of M/s. Surya Vinayak Industries Ltd. (SVIL) and associated concerns including assesses’ (GBIL). The survey operations were carried out in the wake of information received from Investigation Wing of the department that one Sh. Atul Kumar Bansal and his associated concerns were engaged in business of providing accommodation entries by issuing purchase bills which included M/s. Kumar Bansal Traders Pvt. Ltd. and M/s. Varun Trading Company

Citation :
DCIT, Cen. Cir. 13, New Delhi. (Appellant) Vs. Global Busines India Pvt. Ltd., Zone H 4/5, 53 & 54 Suvidha Kunj, Pitam Pura, Delhi. PAN: AABCG 4576F (Respondent)