TMI Blog2015 (8) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the assessee. However, details of such PAN No. of eight parties do not find any mentioned in the orders of the lower authorities nor in the orders of the tribunal passed on earlier occasions. Genuineness of purchase can be verified only after examining the assessment records of these parties as per PAN No. details filed through affidavit, before Hon’ble High Court. For this purpose both the Id. AR and Id. DR fairly conceded that the matter may be restored to the file of the A. O. for re-examining the alleged purchases in the light of the fact that all the eight parties from whom purchases was made are having PAN. Thus we restore the matter back to the file of the A. O. for deciding the genuineness of the purchases made from eight pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aside the order of the ITAT insofar as it relates to disallowance of purchases amounting to ₹ 3.79 crores and restored the matter back to the file of ITAT for fresh consideration of the issue. The precise observation of the Hon ble High Court was as under :- 1. Whether the ITAT was justified in disallowing the purchases made by assessee from a parties amounting to ₹ 3.79 crores, is the question raised in this appeal. The ITAT has dismissed the appeal filed by the Assessee mainly on the ground that the assessee failed to furnish the permanent account numbers of the 8 parties from whom the assessee claimed to have made purchases. It is the case of the assessee that the permanent account numbers of the 8 parties were in fact fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing revenue s appeal and dismissing the assessee s grounds on the issue of bogus purchase. Assessee approached to the Hon ble High Court and the Hon ble High Court vide order dated 9-1-2012 after observing that, it is the case of the assessee that the permanent account numbers of the 8 parties were in fact furnished during the course of assessment proceeding , restored the appeal back to the file of the Tribunal for fresh consideration. As per the direction of the Hon ble High Court since the assessee has furnished permanent account number of 8 parties from who purchase have been made by the assessee the issue with regard to disallowing the purchase made by the assessee from these eight parties amounting to ₹ 3.79 crores requires t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.52,41 ,595/- 6 M/s Chem Corporation Rs.27,14,624/- 7 M/s Kothari Products Rs.84, 74, 754/- 8 M/s Samarth Enterprises Rs.69,15,800/- Total Rs.3,79,00,113/- 3. Respondent No.1 disallowed the said purchases on the ground that the appellant could not prove the genuineness thereof as confirmation from the said parties were obtained on the ledger account copies without giving their Permanent Account numbers. 4. Hon'ble Commissioner of Income-tax (Appeals) - IX, vide his order dated 20.2.2004 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f which may be reproduced as under:- Before proceeding further, for the sake of convenience and ready reference, relevant part of provision of section 309 of Companies Act 1962 is reproduced as under: (5A) If any director draws or receives, directly or indirectly, by way of remuneration any such sums in excess of the limit prescribed by this section or without the prior sanction of the Central Government, where it is required, he shall refund such sums to the company and until such sum is refunded, hold it in trust for the company. (5B) The company shall not waive the recovery of any sum refundable to it dated 24.12.2007 (Exhibit D page 60 to 71 of the Appeal Paper Book) furnished to the 2nd Respondent confirmation lett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tribunal passed on earlier occasions. Genuineness of purchase can be verified only after examining the assessment records of these parties as per PAN No. details filed through affidavit, before Hon ble High Court. For this purpose both the Id. AR and Id. DR fairly conceded that the matter may be restored to the file of the A. O. for re-examining the alleged purchases in the light of the fact that all the eight parties from whom purchases was made are having PAN. 7. In view of the above discussion, we restore the matter back to the file of the A. O. for deciding the genuineness of the purchases made from eight parties having PAN as supplied by the assessee before the Hon'ble High court as per the affidavit dated 31.12.2011, as repro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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