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The Jagraon Rice Mills, Jagraon (Punjab) Through Its Partner, Sh Sanjeev Kumar Versus Commissioner of Income Tax, Ludhiana

2015 (4) TMI 827 - PUNJAB & HARYANA HIGH COURT

Unexplained investment in unaccounted purchases and unexplained cash credits introduced to make investment in unaccounted purchases - ITAT allowing the appeal against the order of the CIT (Appeals) who set aside the addition made by the A.O. - Held t .....

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ich were at a variance. Both the statements of account were audited and signed by the same auditors on the same day. The two sets of accounts were signed by the same partners. No additions were made under Section 68 of the Income Tax Act, 1961 on acc .....

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unal also noted that there were also other variances in the two statements of account. It was for the appellant to establish which of the statements were correct. The appellant failed to discharge the onus. - Decided against assessee. - ITA No. 315-2 .....

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.J. (Oral) CM-21267-CII-2014 (for exemption) The application is allowed subject to all just exceptions. CM-21268-CII-2014 (for condonation of delay in re-filing) This is an application for condoning 23 days delay in re-filing the appeal. For the reas .....

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ls). The CIT (Appeals) set aside the addition made by the A.O. of ₹ 26 lacs on account of unexplained investment in unaccounted purchases and unexplained cash credits introduced to make investment in unaccounted purchases. 2. The appeal raises .....

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income of ₹ 1,10,780/-. Upon investigation, the authorities came across the statements filed by the appellant with its bank. The statements showed purchases to the extent of ₹ 26 lacs, sales to the extent of ₹ 11 lacs and a closing .....

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appellant admits the same. The appellant s case is that they deliberately filed a statement before the bank with incorrect particulars in order to avail larger financial facilities. We will proceed on the basis that mere discrepancies in the figures .....

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ible to hold that the view taken by the Tribunal is perverse or unsustainable. It is to say the least a possible view. Some of the factors considered by the Tribunal are these. There were differences not only in the valuation of the closing stock, bu .....

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