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2013 (12) TMI 898 - AT - Income TaxUnexplained investment and purchases - Held that:- There is no material on record to say that the purchases made by the assessee were bogus except the general statement recorded by the Department in the case of Shri Rakesh Kumar Gupta. which was later on retracted - In absence of any material brought on record against the submissions made by Shri Rakesh Kumar Gupta before the AO of the assessee the addition, if any, made in the case of the assessee will be based on presumption only - As against that assessee has submitted various evidences to show that the actual delivery of the goods was received by the assessee from the said party which has not been discarded by the AO - The addition cannot be made solely on the basis of the statement of the third party - The alleged bills through which the assessee has claimed to have purchased the material has not been examined - For all these 3 years the assessee has not shown any opening stock or closing stock which further supports the view of the Assessing Officer that there was no physical purchase and sale of the goods in question - To prove the genuineness of the purchase and sale the supporting material has to be produced to show that the transactions in question are backed by actual delivery - The issue was restored for fresh adjudication.
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