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2019 (5) TMI 1504 - AT - Income TaxBogus purchases - unproved purchases and commission for getting the accommodation entries - HELD THAT:- CIT(A) has ignored the chain of original documents for import of diamonds by Sh. Praveen Jain/Nilesh Parmar group available with tax authorities in collected & seized material at the time of search as per the disclosure of said facts by Nilesh Parmar in his affidavit for retraction of the statement made u/s 132(4) of the Act being clinching evidence of procurement of diamonds from importers for making the genuine supplies from the same by M/s Mohit International to the assessee. CIT(A) has wrongly the addition by treating conclusive ‘general admission & description’ in the relevant extract of the statements u/s 132(4) of the Act of Praveen Kumar Jain prop, of M/s Mohit International provided to the assessee which was recorded on the back of the assessee & without providing an opportunity of confronting & cross-examination of the concerned persons to the assessee and has not adjudicating the question of evidential value of the said recorded statement u/s. 132(4) of Sh. Praveen Jain / Nilesh Parmar without any incriminating material found in their possession or control at the time of search, which is the basis of addition. Therefore, in our considered opinion and in the interest of justice, the issues raised in the appeal are set aside to the file of the AO for fresh consideration, after giving adequate opportunity of being heard to the assessee.
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