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2015 (10) TMI 1869 - ITAT AHMEDABAD

2015 (10) TMI 1869 - ITAT AHMEDABAD - TMI - Disallowance at 25% of the purchases and all expenses including depreciation - CIT(A) deleted the addition - Held that:- Since the disallowance was made in an ex-parte assessment order, once the assessee was given an opportunity to reconcile its expenses, the Assessing Officer was satisfied with the quality of the evidence produced by the assessee. He did not find any discrepancies (as disclosed from his observation) in the purchases and commission pay .....

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evenue.

Addition u/s 68 - CIT(A) deleted the addition - Held that:- In the remand proceedings, the assessee has substantiated that this amount represents the loan taken from ICICI Bank Ltd for the purpose of vehicle. There is no unexplained credit in the account of the assessee. Ld. First Appellate Authority has deleted the addition after appreciating the remand report and the evidences produced by the assessee. Therefore, we do not find any error in the order of the CIT(A) - Decided .....

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o. 172/Ahd/2011. 2. The ld. Counsel for the assessee, at the very outset, did not press the Cross-Objection filed by the assessee; hence, the Cross-Objection filed by the assessee is rejected. 3. In the first ground of appeal, the Revenue has pleaded that ld. CIT(A) has erred in deleting the addition of ₹ 78,03,060/-. 4. The brief facts of the case are that the assessee is a partnership firm engaged in the business of trading in chemicals and maintenance materials. It has filed its return .....

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s an ex-parte assessment u/s 144 of the Income-tax Act. On perusal of the details, it revealed to the Assessing Officer that there is a fall of about 19.58% in the GP in comparison to preceding year. The assessee had made purchases. The ld. Assessing Officer has disallowed 25% of the claim of the assessee out of purchases and depreciation. He has noticed all these details in paragraph No.4 of the assessment order. According to the Assessing Officer, the assessee has debited a total sum of ₹ .....

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date of hearing was 14.12.2009 only. Due to this paucity of time, the assessee could not compile the details. The details were alleged to have been submitted on 16.12.2009 which were not taken on record by the Assessing Officer and he passed the assessment order. Considering this aspect, the ld. First Appellate Authority has allowed the assessee to place on record the details. The ld. CIT(A) has called for a remand report from the Assessing Officer. After going through the remand report of the A .....

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no discrepancy was found. The appellant had reconciled the differences, if any. I therefore, hold that no addition is justified in respect of purchase and commission for ₹ 2,78,10,483/- and ₹ 24,73,775/- respectively. The appellant has filed details of other expenses alongwith the major evidence, however, there is likely to be some personal elements in expenses like traveling and telephone expenses. I, therefore, sustain addition of ₹ 20% of traveling and telephone expenses whi .....

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n the other hand, contended that the Assessing Officer did not find any discrepancy in the evidences furnished by the assessee. He drew our attention towards the observations of the Assessing Officer in the remand report. 8. We have duly considered the rival submissions and gone through the remand report of the Assessing Officer dated 14.03.2011. The observations of the Assessing Officer with regard to disallowance out of purchases as well as commission are worthwhile to refer. The relevant para .....

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n by the assessee in details of purchases and commission." 9. Since the disallowance was made in an ex-parte assessment order, once the assessee was given an opportunity to reconcile its expenses, the Assessing Officer was satisfied with the quality of the evidence produced by the assessee. He did not find any discrepancies (as disclosed from his observation) in the purchases and commission payment shown by the assessee. Therefore, we do not find any error in the order of the CIT(A); accord .....

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