Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 755 - AT - Income TaxBogus purchases - as alleged assessee failed to prove the genuineness of the Purchasers affected with the material evidence - HELD THAT:- AO has received information from Sales Tax Department(VAT), Investigation Division, Mumbai intimating that bogus sellers having specified TIN And PAN numbers were operating. The transactions in respect of the assessee has already been categorically identified and specified in respect of the three assessment years. The said documents had been given to the assessee for his rebuttal. The assessee has failed to prove the genuineness of the Purchasers affected with the material evidence. It is very much open to the assessee to produce the concerned persons, who it has dealt with and to prove its claim. Assessee has clearly not taken that opportunity to prove that the purchases had admittedly been made from the identified firms and companies. The claim of assessee that the purchases have gone into their stock and sales have also been effected would in fact show that all is not well with the books of the assessee, most specifically Stock Register. It could also mean that the assessee has done some undisclosed purchases, or undisclosed sales, which it is attempting to cover up by the transactions with the said bogus entries. The actual picture is known only to the assessee. It is for the assessee to substantiate its claim. The assessee admittedly has failed to prove its claim before the Assessing Officer and the ld.CIT(A). - Appeals filed by the assessee are dismissed.
|