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2020 (10) TMI 191 - AT - Income TaxBogus purchases - additions were made on the findings of survey action conducted by the Income Tax Investigation Wing on Sh. Sanjay Chowdhary and his concerns - CIT-A deleted the addition - HELD THAT:- Once Revenue has accepted the transaction with Sh. Sanjay Chauhary to be genuine in group case of the assessee, the same cannot be agitated or doubted in the assessee’s case and, therefore, it is our considered opinion that the learned CIT (A) has rightly deleted the addition by placing reliance on the assessment order in the case of group concern namely M/s Khanna Jewellers Pvt. Ltd. On going through the order of lower authorities, an important fact that emerges is that a similar allegation was also made in the case of the assessee, among other allegations, in the earlier assessment years when it had made purchase from M/s Nazar Impex (P) Ltd. (a concern said to have been controlled by Shri Sanjay Chaudhary) and the assessee had approached ITSC for settlement of its case and the ITSC has held the said transactions to be genuine. While upholding the order passed by the learned CIT (A), we rely on the judgment of the Hon’ble Jurisdictional High Court in the case of CIT vs. M/s Surendra Buildtech Pvt. Ltd 2012 (5) TMI 629 - DELHI HIGH COURT wherein the Hon’ble Court held that where the Revenue failed to rebut the findings recorded by the learned CIT (A) by bringing any contrary material on record, the finding recorded by the lower authority based on documentary evidences needs to be upheld. - Decided against revenue.
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