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Ad-Hoc percentage basis Addition on Sundry Creditors Is Illegal – 41(1) Can’t Run on Presumptions

Case Law Details

Case Name : Blaze Manufacturing Co Vs DCIT (ITAT Delhi)
Related Assessment Year : 2014-15
Courts : All ITAT ITAT Delhi
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Blaze Manufacturing Co Vs DCIT (ITAT Delhi)

ITAT Delhi allowed the assessee’s appeal for AY 2014-15 in Blaze Manufacturing Co., deleting the massive addition of ₹5.00 crore made u/s 41(1) on an estimated / percentage basis, holding that Please become a Premium member. If you are already a Premium member, login here to access the full content.

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Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 4307
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

Excess stock addition restricted – Survey working flawed; only disclosed difference taxable – ITAT Bangalore Reassessment quashed for wrong sanction u/s 151(ii) – Approval by PCIT invalid after 3 years – ITAT Chennai U/s 12AB registration cannot be denied on apprehensions – Matter restored; U/s 80G rejection also set aside – ITAT Mumbai Cash found during survey explained – Gifts from relatives, professional receipts & firm withdrawals accepted; additions deleted – ITAT Bangalore U/s 80P(2)(d) deduction on interest restored to AO – Delay overlooked in interest of justice; verification directed as per SC ruling – ITAT Mumbai View More Published Posts

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