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2024 (4) TMI 190 - ITAT MUMBAIEstimation of income - bogus purchases - CIT(A) restricting the addition to 12.5% - HELD THAT:- As observed that the Hon’ble Settlement Commission has not discarded the evidentiary value of the statement of Shri Rajesh Doshi who has admitted to the modus operandi of availing bogus purchase bill. Assessee has not raised this contention that Shri Rajesh Doshi was neither an employee nor a partner and that the assessee had not transacted with the said person before the Hon’ble Settlement Commission and the fact that Shri Rajesh Doshi has also not denied the transaction between him and the assessee. The assessee has failed to rebut the said statement of Shri Rajesh Doshi by any documentary evidence neither before the lower authorities nor before us. Thus no infirmity in the order of the ld. CIT(A) in making an addition on the gross profit margin @ 12.5% on the alleged bogus purchase where the sales are not in dispute. Decided against assessee and revenue. On-money received - unaccounted income from sale of flats along with the modus operandi of receiving such on-money by cash - seized material relied upon by the ld. A.O. during the search and seizure action - FAA deleted the impugned addition by relying on the order of the Hon’ble Settlement Commission in the case of sister concern of the assessee - HELD THAT:- Assessment order has not specified any details as to what was the seized material that was available before the ld. A.O. It is also pertinent to point out that the remand report sought for by the ld. CIT(A) was also not furnished by the ld. A.O. for the reason that the assessee has failed to co-operate. We also have observed that the retracted statement of Shri Daxesh Parmar, Shri Rajesh Doshi was also not in record for our consideration. The ld. CIT(A) has placed reliance on the order of the Hon’ble Settlement Commission which again was not placed on record. In order to fill the lacuna, we hereby deem it fit to remand this issue back to the file of the ld. CIT(A) for proper adjudication after duly seeking for the remand report and duly considering the same on the merits of the case - Ground raised by the Revenue is allowed for statistical purpose.
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