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Commissioner of Income Tax-7 Versus Princeton Realtors Pvt. Ltd.

Bogus purchases - ITAT deleted the addition - Held that:- ITAT has noted that there was one vital fact overlooked by the AO as well as the CIT (A) which was that “the above said entry has really no effect on the profits of the company as the assessee .....

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of the assessee, the confirmation of the addition by Ld. CIT(A) is not justified as there is no loss to the revenue as the effect of including the same amount in the purchases as well as in the closing stock nullifies each other's effect."

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No. 667/2015 - Dated:- 21-9-2015 - S Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr Kamal Sawhney, Senior Standing Counsel with Mr Raghvendra Singh, Junior Standing Counsel For the Respondent : Mr Gajendra Maheshwari and Ms Swati Thapa, Ad .....

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e under Section 260A (1) is directed against the order dated 18th July 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1255/Del/2009 for the Assessment Year ('AY') 2005-06. 4. The question sought to be projected b .....

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Assessee. 5. The facts are that the Assessee is in the real estate business trading in purchase and sale of immovable properties. During the AY in question, the Assessee was asked about an entry in the sum of ₹ 69,05,250 in respect of a flat ha .....

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that transaction in the accounts of the company, the entry for the purchase of the entire flat was made by debiting the books of accounts for the said sum of ₹ 69,05,250 giving a credit effect to builder Nitishree for ₹ 33,34,250 and to M .....

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31st March 2005. The Assessee also gave details of the payments made in the Financial Year 2005-06 and the money received back from Nitishree. The details of the cheques issued by Nitishree were also provided. 6. The AO did not accept the explanation .....

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s company had to be treated as bogus. This led to the aforementioned addition. 7. The CIT (A) upheld the above order and the Assessee went in appeal before the ITAT. In the impugned order, the ITAT has noted that there was one vital fact overlooked b .....

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