Case Note & Summary
The appellant, M/s. Goa Carbon Ltd., filed a tax appeal under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT). The appeal was admitted on 7th March 2016 on the substantial question of law: whether, on the facts and circumstances of the case and in law, the ITAT was justified in sustaining the addition made by the Assessing Officer on account of unaccounted sales. The appellant was represented by Mr. Mihir Naniwadekar and Ms. Vinita Palyekar, while the respondents were represented by Ms. Susan Linhares. The court, after hearing the learned counsel for both sides, dismissed the appeal, holding that the ITAT was justified in sustaining the addition. The judgment was delivered by a bench comprising M. S. Sonak and M. S. Jawalkar, JJ., on 19th July 2021.
Headnote
A) Income Tax - Substantial Question of Law - Section 260A of the Income Tax Act, 1961 - Justification of ITAT Order - The appeal was admitted on the substantial question of law whether the ITAT was justified in sustaining the addition for unaccounted sales. The court, after hearing the parties, held that the ITAT was justified in its decision. (Para 2)
Issue of Consideration
Whether, on the facts and circumstances of the case and in law, the ITAT was justified in sustaining the addition made by the Assessing Officer on account of unaccounted sales.
Final Decision
The appeal is dismissed. The ITAT was justified in sustaining the addition made by the Assessing Officer on account of unaccounted sales.
Law Points
- Income Tax Act
- 1961
- Section 260A
- Substantial Question of Law
- Unaccounted Sales
- Justification of ITAT Order
Case Details
2021 LawText (BOM) (07) 51
M. S. Sonak, M. S. Jawalkar
Mr. Mihir Naniwadekar, Ms. Vinita Palyekar, Ms. Susan Linhares
Joint Commissioner of Income Tax, Range-1 & Union of India
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Nature of Litigation
Tax Appeal under Section 260A of the Income Tax Act, 1961
Remedy Sought
Appellant sought to challenge the order of the Income Tax Appellate Tribunal (ITAT) sustaining the addition made by the Assessing Officer on account of unaccounted sales.
Filing Reason
Appellant was aggrieved by the ITAT order sustaining the addition for unaccounted sales.
Previous Decisions
The appeal was admitted on 7th March 2016 on the substantial question of law.
Issues
Whether the ITAT was justified in sustaining the addition made by the Assessing Officer on account of unaccounted sales.
Submissions/Arguments
Appellant argued that the ITAT was not justified in sustaining the addition.
Respondent argued that the ITAT was justified.
Ratio Decidendi
The court held that the ITAT was justified in sustaining the addition for unaccounted sales based on the facts and circumstances of the case.
Judgment Excerpts
Heard Mr. Mihir Naniwadekar, learned Counsel for the Appellant, and Ms. Susan Linhares, learned Standing Counsel for the Respondent nos. 1 and 2.
This appeal was admitted on 7th March 2016 on the following substantial question of law: 'Whether, on the facts and circumstances of the case and in law, the ITAT was justified in sustaining the addition made by the Assessing Officer on account of unaccounted sales?'
Procedural History
The appeal was filed under Section 260A of the Income Tax Act, 1961, against the order of the ITAT. It was admitted on 7th March 2016 on the substantial question of law. After hearing the parties, the court dismissed the appeal on 19th July 2021.
Acts & Sections
- Income Tax Act, 1961: 260A
