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2017 (5) TMI 1525 - HC - Income TaxInvoking provision of section 145(3) - veracity and correctness of the books of accounts is substantially accepted by revenue - Held that:- So far as unverified purchases are concerned, by not producing the suppliers the appellant failed to prove purchases of precious and semi precious stones to the extent of ₹ 14,72,455/-. By filing confirmations and copy of accounts, TIN and PAN and RST/CST No. etc at the most the existence of the suppliers could be proved on paper but all other evidences indicate that the suppliers were not having required infrastructures and business of the precious and semi precious stones at the relevant time. The existence of business of the suppliers could not be established beyond doubt. Further as the wages payments were not fully verifiable and therefore application of provisions of section 145(3) is hereby upheld. The issue is required to be answered in favour of the assessee
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