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2018 (9) TMI 2075 - AT - Income TaxEstimation of income - Bogus purchases - CIT(A) restricted the addition to 12.5% of the value of purchases - HELD THAT:- In the instant case has stated that Mr. Rajendra Jain, Mr. Dharmichand Jain and Mr. Anoop Jain have appeared before him. However, it is not made clear as to whether the above said three persons were partners/directors, all the suppliers belonging to Rajendra Jain. The purchases made from companies, where these three persons are either partner/director, shall be aware by the above said decision rendered by Coordinate Bench. The purchases made from other companies, however requires fresh examination. Accordingly, we restore the issue relating to addition on account of bogus purchases made in all the years under consideration to the file of the Assessing Officer with the direction to delete the addition relating to purchases made from companies, in which above said three persons are partner/director. In the respect of purchases made from other concerns belong to Mr. Rajendra Jain the AO may examine it afresh. Disallowance of interest - Assessee had advanced interest free amounts to some concerns and hence the AO disallowed interest expenditure - HELD THAT:- Since the co-ordinate bench has considered an identical issue in AY 2011-22 [2017 (10) TMI 160 - ITAT MUMBAI]and restored the same to the file of the AO, following the said order of the Tribunal, we restore this issue to the file of the Assessing Officer with similar directions given by the Coordinate Bench of the Tribunal in A.Y. 2011-12.
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