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2018 (6) TMI 229 - ITAT MUMBAIReopening of assessment - disallowance of bogus purchases - reasons to believe - Held that:- Reopening was made on the basis of solid information from Sales Tax Department regarding the companies engaged in only issuing bogus bills - thus there was sufficient reason before the AO to reopen the assessment. Disallowance of bogus purchases - Held that:- The materials so purchased were alleged to be used for manufacturing and sales - however assessee failed to produce the suppliers and the notices issued by the AO to such suppliers were also returned unserved - thus it is proved assessee has not made purchases from the respective parties but purchases were made from gray market - hence disallowance is restricted to 12.5% of such bogus purchase - partly allowed in favor of assessee.
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