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M/s. Kothari Enterprises Versus Income Tax Officer, Ward-32 (2) , Kolkata

2015 (10) TMI 2296 - ITAT KOLKATA

Addition under section 40A(2) - Held that:- In his impugned order, the ld. CIT(Appeals), however, has assumed that two parties, namely M/s. Regal Nirman (P) Ltd. and M/s. Prime Global (P) Ltd. are unrelated parties and it appears that on this wrong assumption, he has proceeded to confirm the disallowance made by the Assessing Officer under section 40A(2). In this regard, limited relief that has been sought by the ld. counsel for the assessee at the time of hearing is that the matter may be sent .....

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ssee proper and sufficient opportunity of being heard.- Decided in favour of assessee for statistical purposes. - I.T.A. No. 109/KOL/ 2014 - Dated:- 11-9-2015 - Shri P.M. Jagtap, Accountant Member For The Assessee : Shri V.N. Purohit, FCA For The Department : Smt. Ranu Biswas, JCIT, Sr. D.R. ORDER This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-XIX, Kolkata dated 25.11.2013 for the assessment year 2009-10 and the solitary issue invo .....

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of assessment proceedings, it was noticed by the Assessing Officer that the assessee-fi rm has purchased yellow peas on 26.02.2009 and 03.03.2009 from four different parties at different rates. According to him, these purchases having been made by the assessee from the persons specified in clause (b) of sub-section (2) of sect ion 40A of the Act, the disallowance under section 40A(2) was called for. He, therefore, requi red the assessee to offer its explanat ion in the matter and since the expla .....

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aterial available on record, ld. CIT(Appeal s) confi rmed the disallowance made by the Assessing Officer under section 40A(2) for the following reasons given in paragraph 9.1 of his impugned order:- 9.1. I have carefully considered the assessment order passed by the AO and the submissions of the appellant along with the P&L A/c, balance sheet, computation of income and the relevant details for the financial year under consideration, I find that the appellant purchased y ellow peas on 26.02.2 .....

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d party) was ₹ 15,890/- per MT while the rate at which purchase was made from related party was between ₹ 16,000/- per MT to ₹ 16,180/- per MT. The AO issued a show cause noti ce to the appellant on 14.12.2011 to justify why the difference of ₹ 9,62,730/- should not be disallowed u/s 40A(2). In reply the appellant merely submitted that there was price fluctuation. The appellant failed to bring on record any material to prove that the quality was different or there were an .....

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