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2015 (10) TMI 1764 - HC - Income TaxBogus purchase of M.S. Steel - ITAT deleted the addition - Held that:- Tribunal has concurred with the findings recorded by the Commissioner (Appeals), namely, that the assessee had provided copies of bills of purchase and had also given evidence to establish that the steel reached the assessee’s factory at Anjar by way of weigh bridge receipt which showed that the steel had actually reached the assessee’s factory. The purchases made by the assessee were duly supported by various documentary evidences such as inward stamped bills and weigh bridge challans, etc. and that M/s. Dhruv Steel had confirmed sale of the steel to the assessee. It was noticed that the assessee had in fact constructed a huge plant, which, in the absence of purchases of steel could not have been set up. The Tribunal, correctly concurred with the conclusion arrived at by the Commissioner (Appeals) that the Assessing Officer was not justified in holding that there were bogus purchases of M.S. steel in assessment year 2004-05. - Decided in favour of assessee.
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