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2018 (2) TMI 1520 - AT - Income TaxBogus purchases - Held that:- Large number of opportunities were provided by the A.O. to the assessee. It is noted from the financial statements of the assessee that for the F.Y. 2012-13 and 2013-14, the assessee was having total turnover of ₹ 92,01,799/- and ₹ 57,26,420/- respectively. Various notices were issued by the Assessing Officer to file the details but no compliance was made by the assessee. In view of the above facts and circumstances, the Bench find that there are no any contrary material in the order of the ld. CIT(A), therefore, we uphold the order of the ld. CIT(A) on this issue. Accordingly, this ground of assessee’s appeal is dismissed. Trading addition disallowing 15% of the entire purchases - Held that:- The assessee has not produced its books of accounts, therefore, the purchases made by the assessee remained unverifiable. The Coordinate Bench of the ITAT, Jaipur Bench in the case of Anuj Kumar Varshney & Ors. [2015 (4) TMI 533 - ITAT JAIPUR] had decided that 15% of such bogus/unverifiable purchases can be disallowed and the ld. CIT(A) had followed the same. Therefore, the Bench find no merit in the contention of the ld. AR of the assessee. Disallowance u/s 40(a)(ia) - Held that:- The assessee has admitted that he has not deducted tax at source on account of payment of ₹ 73,714/-. In view of the above, the Bench find no any contrary material in the order of the ld. CIT(A), therefore, we uphold the same. Hence, this ground of appeal of assessee stands dismissed. Addition considering the peak of cash deposit and withdrawal from the bank account as unexplained - Held that:- Assessing Officer comes to a finding that withdrawn amount was used or spent by the assessee for any other investment or expenditure than the benefit of peak of such credit, in such circumstances, may not be available. No specific reason was recorded regarding the utilization of cash withdrawal by the assessee from its bank accounts in some investment or expenditure. In view of the above and considering the totality of the facts and circumstances of the case, the Bench find no any contrary material in the order of the ld. CIT(A), therefore, we uphold the same. Hence, this ground of appeal of assessee stands dismissed. Disallowance of deduction under Chapter VI of the Act - payment of amount as premium of LIC - Held that:- The assessee has claimed deduction under Chapter VI-A of the Act but no evidence was submitted by the assessee. During the appellate proceedings, the assessee has submitted that he has paid the amount as premium of LIC but he failed to submit necessary documents. Therefore, the ld. CIT(A) has rejected the claim of the assessee. Considering the totality of the facts and circumstances of the case, the Bench find no any contrary material in the order of the ld. CIT(A), therefore, we uphold the same. Hence, this ground of appeal of assessee stands dismissed.
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