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2019 (5) TMI 696 - HC - Income TaxReopening of assessment u/s 147 - bogus purchases - CIT(Appeal) has held that 15% of unverifiable/bogus purchases is to be added to the income of the appellant also confirmed by ITAT - HELD THAT:- Copy of reasons recorded were supplied to the assessee alongwith notice u/s.142(1) and notice u/s.143(2) dated 21.4.2014. The Assessing Officer on examination of purchase details noted that the assessee had shown purchases from M/s. JPK Trading Pvt. Ltd. Amounting to ₹ 20,96,965/-. However, as per the statement of Shri Praveen Kumar Jain, it was found that M/s. JPK Trading Pvt. Ltd. had never sold any goods and were only issuing bogus sale invoices and charged commission. CIT(A) and ITAT have noted the request of the appellant for permitting cross examination of the Director of the said company Shri Praveen Kumar Jain of M/s. JPK Trading (I) Pvt. Ltd. Tribunal that the Assessing Officer taking resort to various case laws made the trading addition of ₹ 5,24,240/- by disallowing 25% of unverifiable purchases of ₹ 20,96,965/-. CIT(A), however, reduced the trading addition to ₹ 5,24,240/- by relying on the judgement of the ITAT Jaipur Bench dated 22.10.2014 in Anuj Kumar Varshney vs. ITO [2015 (4) TMI 533 - ITAT JAIPUR] . The CIT(A) has also upheld the earlier orders by dismissing the appeal and noted that the CIT(A) has elaborately discussed the issue raised by the assessee in his order, which was not interfered by this Court. No substantial question of law. We are inclined to concur with the view taken by the ITAT as also the CIT(A). In our view, the present appeal does not raise any question of law much less substantial question of law.
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