SUBHASH CHANDRA KHURANA Vs. INCOME TAX OFFICER
INCOME TAX APPELLATE TRIBUNAL
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(1.) THIS appeal has been filed by the assessee against the order of Ld. CIT(A) 1,Dehradun dated 4th November, 2013 for A. Y 2009 -10.
(2.) BRIEF facts of the case are that the assessee, in the relevant assessment year, carried on the business of scrap dealer of broken glass, sheet glass and general scrap. He had filed his return of income declaring
total income of Rs.4,28,980/ -. The assessment was completed/ at a total income of Rs.14,39,980/ -, inter -
alia, making an addition of Rs.10 lacs u/s 68 in respect of amount outstanding against M/s Affain Steel
Pvt. Ltd. SIDCUL, Haridwar.
(3.) LD . CIT(A) dismissed the assessee's appeal.
Being aggrieved with the order of Ld. CIT(A), the assessee is in appeal before us and has taken following grounds of appeal: -
"1. Because the Ld. CIT(A) has erred in confirming the addition of Rs.10,00,000.00 made by the AO on mere surmises conjecture and suspicion.
2. Because the AO has accepted the entire Trading transaction of the creditors M/s Affain Steel (P) Ltd. and the confirmation of the creditor is also on the record of the AO and the CIT()A even after noting the same has acted arbitrarily by to contain the addition.
3. Because the entire addition deserve to be deleted as the appellant never agreed to any addition and the observation of the AO to the contrary is erroneous and absolutely wrong.
4. Because the addition of Rs.10,00,000/ - deserve to be deleted. "
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