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2016 (6) TMI 1032 - HC - Income TaxBogus purchases - whether the assessee failed to establish the genuineness of the purchases from JKDPL as claimed by it? - Held that:- We have enquired of Mr.Biswas and from his submission we understand that the purchase bills of less than ₹ 20,000/- were not produced. The payments, according to him, were made all in cash. The stock register was not produced. The absence of these documents go to suggest that the purchase from JKDPL may be a bogus purchase. In any event the view taken by the assessing officer, CIT(A) and the learned Tribunal is not an impossible view. If the assessee chooses to withhold the best evidence and relies on the secondary evidence even assuming that any secondary piece of evidence was adduced then the presumption in law shall be against the assessee. The question of any lapse on the part of the Tribunal in accepting the sales at a sum of ₹ 1,18,82,877/- did not arise because the aforesaid figure was furnished by the assessee himself. The assessee admits that the sale was for the aforesaid sum. What the assessee has done is that he tried to reduce the profit by showing artificial purchases. When the assessee was unable to show genuineness of those purchases the amount of profit is bound to be increased. - Decided against the assessee.
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