Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 741 - AT - Income TaxBogus purchases - CIT(A) deleted the addition of ₹ 2,84,01,250/- on account of bogus purchases of ₹ 2,98,96,050/- - Held that:- AO has given various reasons for not accepting the explanation of the assessee. The AO has given finding that the assessee failed to produce the original sale invoices, not a single cheque issued by the assessee against these purchases has been credited in the account of any of these parties, none of the cheque was issued as ‘A/c.payee cheque’ and no cheque was issued in favour of any of these parties. The AO has also invoked the provisions of section 40A(3) and proviso to section 69C of the Act. We find that there is no finding or any whisper on these objections of the Assessing Officer in the impugned order. The ld.CIT(A) has simply restricted the disallowance to the extent of benefit of VAT, i.e. 5% of the total purchases. Under these facts and circumstances of the case, unable to confirm the finding of the ld.CIT(A), therefore the order of the ld.CIT(A) is set aside on this issue and restore the same back to his file for decision afresh in accordance with law. Decided in favour of revenue for statistical purposes.
|