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2018 (9) TMI 959 - AT - Income TaxAddition on bogus purchases - Held that:- Commissioner of Income Tax (A) was not correct in sustaining the disallowance to the tune of 25% of the alleged bogus purchase when the very basis on which the bogus purchases have been alleged to have been made does not stand in view of the retraction of statement by Shri Rajendra Jain as well as the voluminous documentary evidences which were filed by the assessee before the lower authorities and which substantiate the genuineness of the purchases from M/s Avi Exports. Under the circumstances, we are unable to concur with the findings of the lower authorities and we deem it fit to set aside the order of the Ld. Commissioner of Income Tax (A) and direct the Assessing Officer to delete the addition with respect to the alleged bogus purchases. - Decided in favour of assessee Addition on account of ROC fee - Held that:- In view of the order of the ITAT Mumbai Bench in the case of Navi Mumbai SEZ (P) Ltd. vs. ACIT [2015 (3) TMI 314 - ITAT MUMBAI] we deem it fit to restore the issue to the file of the Assessing Officer to examine the contention of the assessee that the incremental share capital was used for the purpose of working capital and, thereafter, allow the claim of the assessee if the assertion of the assessee is found to be correct, after giving proper opportunity to the assessee to present its case. Thus, this ground stands allowed for statistical purposes.
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