Case Law Details
Godwin Construction Pvt. Ltd Vs ACIT (ITAT Delhi)
ITAT Delhi held that provisions of section 292C of the Income Tax Act is only a deeming provision and the deeming provision cannot be applied mechanically, ignoring the facts of the case and surrounding circumstances.
Facts-
The assessee is a company. AO has noted that a search operation was carried out at the premises of the assessee and its site office on 09.09.2010. After examination of the documents seized, notice u/s 142(1)A of the Act was issued to the assessee on 23.02.2012 calling for the return of income and in response to which, assessee filed return of income for A.Y. 2011-12 declaring income at Rs.24,27,270/-. Thereafter, the case was taken up for scrutiny and consequently the assessment was framed on 31.03.2013 u/s 143(3) determining the total income at Rs.2,72,74,270/-.
Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 30.03.2015 in Appeal No.192/13-14 granted partial relief to the assessee. Aggrieved by the order of CIT(A), assessee is now in appeal before the Tribunal
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