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2018 (2) TMI 176 - AT - Income TaxBogus purchases - Managing Director of the company admitted that purchase made from the parties were non-genuine - Held that:- Keeping in view the substantial material which had been placed on record by the assessee before the lower authorities, viz. copy of the stock register and details of consumption and material purchased, details of opening work in progress, closing work in progress, stock statement as on 31.03.2008 and 31.03.2009 and consumption formula required as per Government books, it can safely be concluded that the purchases claimed by the assesses to have been made from the aforementioned parties were utilized by the assessee for the construction of the roads carried out by the assessee in the course of the execution of its contract works. We find that a coordinate bench of the Tribunal while disposing of the appeal in the assesse’s own case for A.Y 2010-11, wherein identical facts and issue were there before the Tribunal, had restricted the disallowance to the extent of 2% of alleged bogus purchases. - Decided against revenue
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