Case Number: ITA 5959/DEL/2019
Appellant: Swift Securities Pvt. Ltd, New Delhi
Respondent: DCIT Circle-22(2), New Delhi
Assessment Year: 2016-17
Case Filed On: 2019-07-10
Order Type: Final Tribunal Order
Date of Order: 2023-10-20
Date of Pronouncement: 2023-10-20
The case of Swift Securities Pvt. Ltd. vs. DCIT pertains to the disallowance of business expenses claimed by the appellant for the assessment year 2016-17. The appellant, Swift Securities Pvt. Ltd., had filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) -8, New Delhi, which upheld the disallowance made by the Assessing Officer (AO) under various heads of business expenses.
The appellant company filed its return for AY 2016-17 electronically on 15th October 2016, declaring a total income of Rs. 6,15,57,770/-. During the course of the scrutiny proceedings, the Assessing Officer (AO) sought details of various expenditures debited in the profit and loss account. Upon reviewing the submitted documents, the AO observed discrepancies in the following expense categories:
The appellant raised several grounds of appeal before the tribunal, arguing that the disallowances made by the CIT(A) were arbitrary and unjustified. Specifically, the appellant contended that:
The tribunal, after hearing the submissions and reviewing the materials on record, upheld the order of the CIT(A). The tribunal noted that the appellant failed to provide contrary evidence to substantiate the claim that the disallowances were wrongly made. The tribunal observed that:
In conclusion, the tribunal dismissed the appeal filed by Swift Securities Pvt. Ltd., thereby upholding the disallowance of Rs. 8,00,000/- made by the Assessing Officer and confirmed by the CIT(A). The case highlights the importance of maintaining proper documentation and evidence to support business expense claims during tax assessments.
The order was pronounced in the open court on 20th October 2023 by the Judicial Member, Shri Kul Bharat, and the Accountant Member, Shri M. Balaganesh.
Order pronounced in the open court on 20th October 2023.
-Sd/-
(KUL BHARAT)
JUDICIAL MEMBER
-Sd/-
(M. BALAGANESH)
ACCOUNTANT MEMBER
Dated: 20th October 2023
Copy forwarded to:
Assistant Registrar, ITAT, New Delhi.
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