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2016 (12) TMI 1708 - AT - Income TaxTrading addition - disallowing 25% of total bogus purchases - Held that:- When the department has accepted the sales made by M/s Clarity Gold Pvt. Ltd which is assessed to tax, how the purchases made by the assessee from the same party can be held to be unverifiable/non-genuine more particularly when the party has given the confirmation for the transaction. We accordingly agree with the contention of the assessee and the AO is directed to allow the said claim after verifying the assessment records of M/s Clarity Gold Pvt Ltd. Issues raised in this appeal in respect of unverifiable purchases from the remaining three parties (other than M/s Clarity Gold) and restore the matter to the file of AO to decide the same afresh after the judgement of Hon’ble Rajasthan High Court in the case of Anuj Kumar Varshney and other vs. ITO (2015 (4) TMI 533 - ITAT JAIPUR) is delivered, after giving adequate opportunity of being heard to the assessee. Disallowance of foreign travel expenses - Held that:- The assessee has provided the necessary explanation in respect of travel of tourist guide Vikas Kaul and Neeta Dadda who is a partner in the firm. Further, it is noted that on similar facts, the disallowance was deleted by ld CIT(A) for AY 200809 against which the department has not filed any appeal. Keeping in mind the nature of the business of the assessee and the explanation provided by the assessee, we see not reason to interfere with the order of ld CIT(A) who has deleted the disallowance of ₹ 1 lacs towards foreign travel expenses. Disallowance on payment to BOB and ICICI by applying the provisions of section 40(a)(ia) since the assessee has not deducted the TDS u/s 194H - Held that:- Addition deleted as relying on assessee’s own case for A.Y. 2008-09 [2012 (2) TMI 521 - ITAT JAIPUR]
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