This document summarizes the proceedings and decision of the Income Tax Appellate Tribunal, Delhi Bench, in the case between Shiv Shakti Constructions and the Assistant Commissioner of Income Tax, Central Circle-2, Noida, regarding the assessment year 2015-16.
The case involves multiple appeals filed by both the revenue and the assessee across several assessment years, addressing disputes over income estimation, purchases, and deductions.
The tribunal addressed extensive claims regarding the accuracy of the recorded transactions and the appropriateness of the income estimations made by the lower tax authorities. The decision includes detailed discussions on the rejection of book entries, estimation of income based on gross receipts, and issues related to unverified purchases and cash expenses.
The tribunal upheld certain estimations while providing relief on others, balancing the arguments presented by both sides. The complexities of the construction business, particularly in government contracts and the associated accounting practices, were central to the decision-making process.
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