This tribunal order addresses the appeal filed by the Assistant Commissioner of Income Tax, Central Circle-28, New Delhi against Agson Global Pvt. Ltd., Delhi. The case number ITA 5269/DEL/2019 pertains to the assessment year 2017-18, focusing on issues that emerged from the assessments of the years 2012-13 to 2017-18. The primary contention involves unexplained share capital and alleged bogus purchases.
The case was initially brought to attention through various assessments pointing towards unexplained financial discrepancies in share capital and purchase entries. The appellant argued that the respondent engaged in practices that involved inflating expenses and suppressing income through bogus entries across multiple years. The tribunal examined the layered transactions and the intricate flow of funds allegedly aimed at tax evasion.
The tribunal, after thorough scrutiny of the records and arguments, decided on key issues related to the legitimacy of the share capital introduced and the authenticity of purchase transactions. Despite the complex nature of the transactions, the tribunal aimed to ascertain the underlying truth behind the repeated patterns of financial behaviour.
The detailed judgment covered each assessment year involved, focusing on the trail of transactions and the intent behind them. The tribunal’s decision underscored the importance of maintaining transparent and genuine financial practices, setting a precedent for similar cases.
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