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2016 (12) TMI 493 - AT - Income TaxPenalty u/s 271(1)(c) - bogus purchases - Held that:- A.O. had given sufficient opportunity to produce the parties during assessment proceedings but the assessee failed to discharge his onus. The primary onus is on the assessee to provide cogent evidences/explanations that these were genuine transactions for the purchase of spare parts which are used for the business of the assessee. The Revenue has doubted the genuineness / bonafide of the purchase transactions which are alleged to be accommodation entries/ bogus purchases. The onus is on the assessee to justify the consumption of the spare parts for the purpose of the business of the assessee. The assessee did not file any evidence to prove that these were genuine purchase transactions undertaken by the assessee. Thus the Revenue has rightly imposed penalty u/s 271(1)(c) of the Act which we hereby confirm - Decided against assessee
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