9911796707
|
Home
Issues involved: Appeal u/s 260A of Income Tax Act, 1961 challenging orders by ITAT for Assessment Year 2004-2005.
Summary: The respondent-assessee, a partnership firm in the garment business, had a survey conducted in 2004 revealing excess stock. The Assessing Officer determined taxable income at a higher amount, leading to appeals. The ITAT partially allowed the appeal by deleting certain additions to the income. Ms. Sonia Mathur, representing the Revenue, argued that the ITAT wrongly deleted additions related to unexplained investment in stock and gross profit suppression, lacking supporting material. Upon review, the Court found the ITAT's factual conclusions well-founded, citing specific reasons from the impugned order. The Court agreed with the ITAT's decision to delete the additions, as explained in detail in the order. The Court concluded that no substantial legal question arose from the quantum appeal, as the ITAT's findings were deemed reasonable and in line with the facts. Consequently, the appeals were dismissed, and no penalty was imposed due to the lack of merit in the quantum appeal.
|
