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Dy. CIT, Central Circle-29, New Delhi. Vs. M/s. S.R. Credits Pvt. Ltd. 4, 1st Floor, Prahlad Lane, Ansari Road, Daryaganj, Delhi
May, 28th 2020

New Delhi {CIT (A)} and pertains to Assessment Year: 2010-11. The Cross Objection is preferred by the assessee.


2.0 The brief facts of the case are that a search and seizure operationu/s 132 of the Income Tax Act, 1961 (hereinafter called as ‘the Act’) was carried out on 21.01.2011 in the Dharampal Satyapal Group of cases. This Group is engaged in manufacturing and trading of Chewing Tobacco and premium pan masala besides being involved in Food Products, Packing, Hospitality, Rubber, Steel and Education businesses. The main objects of this assessee company are sale and purchase of shares/mutual funds/other securities and finance business. During the year, under consideration, the return had been filed declaring a income of Rs.13,36,22,526/- which had been set off against the business loss brought forward. The company, however, paid tax under 115JB of the Act at book profits of Rs.13,25,59,160/-

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