Assessee's Appeals Dismissed by Tribunal for Income Tax Act Violations

The appeals filed by the assessee against the orders passed by the Ld.CIT, Meerut under sections 263 and 143(3) of the Income Tax Act were dismissed by the Tribunal. The Tribunal upheld the orders, emphasizing that credits from previous years should be added in the current year, regardless of the year of receipt. Both appeals were heard together and disposed of in a common order, with the Tribunal finding no merit in the submissions made by the assessee's counsel. The dismissal of both appeals was pronounced on 11th September 2015.

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Issues:
1. Appeal filed against the order passed by Ld.CIT, Meerut u/s 263 of the Income Tax Act, 1961.
2. Appeal against the order of Ld.CIT(A), Meerut confirming the order passed by the A.O. u/s 143(3) r.w.s. 263 of the Act.

Analysis:

Issue 1: Appeal against the order passed by Ld.CIT, Meerut u/s 263 of the Income Tax Act, 1961:

The appeal, ITA 2043/Del/2010, was directed against the order passed by the Ld.CIT, Meerut u/s 263 of the Income Tax Act, 1961, dated 30.3.2010. The Tribunal recalled the original order to the extent of disposing of ground No. 4. The contention raised was regarding the direction to the AO to pass a fresh assessment order concerning old advances and sundry creditors from previous assessment years and their taxability in the current year. The assessee argued that credits from earlier years should not be added in the current year. The Ld. Sr. D.R. supported the Ld.CIT's order, stating that the addition was not under section 68 of the Act, and the year of receipt of credit was irrelevant. The Tribunal upheld the submissions of the Ld. Sr. D.R., dismissing the assessee's ground based on lack of further arguments.

Issue 2: Appeal against the order of Ld.CIT(A), Meerut confirming the order passed by the A.O. u/s 143(3) r.w.s. 263 of the Act:

The appeal, ITA 3230/Del/2012, was directed against the order of the Ld.CIT(A), Meerut, dated 1.3.2012, where the Ld.CIT(A) upheld the order passed by the A.O. u/s 143(3) r.w.s. 263 of the Act. As the issues in both appeals were common, they were heard together and disposed of in a common order. The Ld. Counsel for the assessee submitted that this appeal was consequential to the decision made in the first appeal. With no additional submissions on merits, the Tribunal dismissed this appeal as well.

In conclusion, both appeals of the assessee were dismissed, and the order was pronounced in the Open Court on 11th September 2015.

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