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2018 (5) TMI 1695 - AT - Income TaxAdditions on account of bogus purchases of diamonds - reopening of assessment - Held that:- Addition made on account of the alleged bogus purchase of diamonds is squarely covered in favour of the assessee inter alia by the decision M/s. M.B. Jewellers and Sons vs DCIT [2018 (3) TMI 1525 - ITAT KOLKATA] - assessee was maintaining proper books of accounts as per the tax audit report - assessee furnished the bills containing the name address as well as the sales tax numbers both Gujarat and Central sales tax together with the PAN of those parties from whom goods were purchased - payments were made to them by account payee cheques - thus the source for such purchases are explained - Decided in favor of assessee.
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