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2015 (5) TMI 1048 - AT - Income TaxAddition of unexplained/unproved purchases - Held that:- After considering the impugned order as well as the order of the Tribunal in other cases and the material placed on record, we find that first of all, Shri Rakesh Kumar M. Gupta has retracted his statement before the A.O. and also filed affidavit admitting that sales made to the assessee are genuine. The assessee has also produced evidences like copy of confirmed ledger account, copy of bank statement showing the payment made for the purchases and sale bills. All these documents have been placed in the paper book before us. The assessee’s case had been that no adverse inference should be drawn on the basis of statement recorded without reference to the assessee. No further enquiry was carried out in the case of the assessee or Shri Rakesh Kumar M. Gupta despite the fact that statement was subsequently retracted by him. We deleted the addition as relying on case of M/s Jitendra Harshadkumar & Company 2013 (11) TMI 1605 - ITAT MUMBAI] - Decided in favour of assessee.
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