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Assistant Commissioner of Income-tax, Circle-1, Jaipur Versus M/s. Allied Gems Corporation and Vica-Versa

2015 (10) TMI 1877 - ITAT JAIPUR

Bogus/unverifiable purchases - calculation under section 80HHC - Held that:- The issue in question may be set aside to the file of AO to decide the same afresh after the judgment rendered in the case of Anuj Kumar Varshney & Others vs. ITO (2015 (4) TMI 533 - ITAT JAIPUR) wherein held 15% of the unverifiable purchases shall be held to be income of the assessee from undisclosed sources in the relevant years. Also even there is no note in the computation in case of addition made on account of any .....

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95/JP/2011, C.O. No. 60/JP/2012, 76 & 77/JP/2011 - Dated:- 17-7-2015 - SHRI R.P. TOLANI AND SHRI T.R. MEENA, JJ. For The Revenue : Shri Raj Mehra, JCIT For The Assessee : Shri Rajeev Sogani, CA & Shri Rohan Sogani, CA ORDER PER R.P. TOLANI, JM These are three appeals filed by the Revenue and three cross objections by the assessee against three separate orders of ld. CIT (A)-I, Jaipur dated 01/06/2012 and 08/07/2011 for the assessment years 2008-09, 05-06 & 07-08. The common grounds raise .....

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e ld. Counsel for the assessee contended that since the assessee in A.Y. 2005-06 & 2008-09 has not challenged the rejection of books of account, it is not pressed in A.Y. 2007-08. 3. The ld. D/R at the out set contends that the ITAT in bunch of appeals by consolidated order in the case of Anuj Kumar Varshney & Others vs. ITO dated 22.10.2014 has held that 15% of the unverifiable purchases shall be held to be income of the assessee from undisclosed sources in the relevant years. Therefore .....

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same afresh after the judgment rendered in the case of Anuj Kumar Varshney & Others vs. ITO (supra) by Hon ble Rajasthan High Court, after giving the assessee a reasonable opportunity of being heard in accordance with law. 6. We have heard rival contentions and perused the material on record. We find merit in the proposal of both the parties. Accordingly we are inclined to set aside the issue raised in Revenue s appeals as well as in assessee s cross objections and restore the matter back to .....

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t claiming deduction under section 10A whereas the right claim should have been under section 10AA. This mistake was corrected during the course of assessment proceedings. The AO, however, held that assessee was dis-entitled for claim under section 10AA because of this mistake. In the first appeal, the ld. CIT (A) held it to be inadvertent mistake, allowed the claim of the assessee by observing as under :- 5.3. I have carefully perused the order of the AO and the submissions of the AR it is seen .....

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