Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 805 - AT - Income TaxAddition being unproved sundry creditors - whether the assessee failed to prove their genuineness? - Held that:- CIT appeal has deleted the above addition with respect to for parties in whose case the notices were issued and were returned on served as the party could not be traced by the postal authorities for the addresses given were in complete. He further held that without rejecting the books of accounts of the assessee the additions made by the AO holding that the purchases and sales were bogus. He was further of the view that when the jewellery purchases have been sold it cannot be said that purchases were bogus. Even during the course of hearing before him he has also got confirmation of the parties and also put it across before the assessing officer and then after obtaining the remand report deleted the addition. Ld. DR could not point out any infirmity in the order of the learned 1st appellate authority, in view of this we confirm his finding in deleting the addition under section 68 of the act to the total income of the assessee in respect of sundry creditors. - Decided against revenue Addition being bogus purchases - Held that:- CIT appeal deleted the addition on the expression that all the such purchases were fully supported by purchase vouchers and the payments made substantially through account payee cheques. With respect to the 22 parties he has examined the details as furnished by the assessee wide Annexure 3 of the submission dated 12/09/2013 which was also put for the examination of the Ld. assessing officer also. He further obtained the conformation out of those 22 parties whereas the purchases from them were in excess of ₹ 10 Lacs and same was also forwarded to the Ld. assessing officer for his comments. In absence of specific comments from the AO he deleted the addition. Ld. departmental representative could not submit that when the full purchases, which were objected to by the Ld. assessing officer, were confirmed and also put for remand report by the assessee what infirmity in the order of the Ld. CIT appeal contained. This question could not be replied except relying upon the order of Ld. assessing officer. In view of this we confirm the finding of the Ld. CIT appeal in deleting the above addition - Decided against revenue Addition on account of non-reconciliation of purchases - Held that:- CIT appeal has deleted the above addition holding that the difference between the transactions recorded by the assessee with one of the party and as reported by that party there was a difference. However the conformation inadvertently provided by that party was in respect of change the Prashar Jeewan la jewellers private limited and not the assessee company and therefore after obtaining the fresh conformation of that party and putting before the assessing officer in remand proceedings the Ld. CIT appeal has deleted the addition. In view of this we do not find any infirmity in the order of the Ld. CIT (A) in deleting the above addition - Decided against revenue Disallowance on account of expenditure under the various head maintained by the assessee - Held that:- Departmental representative could not point out any infirmity in the order of the Ld. CIT (A) in deleting the above addition. He also could not point out any instances reported by the Ld. assessing officer where the expense was not supported by proper vouchers. In view of this we confirm the finding of the Ld. CIT (A) in deleting the addition of various shades. In the result we confirm the finding of the ld. CIT appeal in deleting the above disallowance.- Decided against revenue
|