PRINCIPAL COMMISSIONER OF INCOME TAX Vs. LAXMI ELECTRONIC

JUDGEMENT

(1.) This appeal is preferred against the order passed by the Income Tax Appellate Tribunal, New Delhi in ITA No.1994/Del./2015 dated 10.09.2018. Aggrieved by the said order, the Revenue has invoked the jurisdiction of this Court under Section 260A of the Income Tax Act.

(2.) The respondent-assessee claims to have purchased goods worth Rs. 73,91,587/- in Faridabad for his business activities at Haridwar. Holding that these purchases had not been made, the claim of the respondent-assessee for deduction of Rs. 73,91,587 was disallowed, and the respondent-assessee was subjected to tax under the Income Tax Act on the resultant enhanced profit from business.

(3.) The assessee carried the mater in appeal to the Commissioner of Income Tax (Appeals) who deleted the additions made by the Assessing Officer, allowing them the benefit, under Section 80IC of the Income Tax Act, on the entire eligible income. Aggrieved thereby, the Revenue carried the matter in appeal to the Tribunal.