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2016 (11) TMI 793 - PUNJAB AND HARYANA HIGH COURT

2016 (11) TMI 793 - PUNJAB AND HARYANA HIGH COURT - [2016] 387 ITR 418 - Bogus purchases - proof of genuinity of expenditure - Held that:- The books of account of the assessee, which were duly audited as per provisions of the Act, were found to be not questioned by the Assessing Officer. Although the Assessing Officer ordered deletion of the purchases made from the afore-referred to five creditors, he was found to have taken a self-contradictory stand of accepting the total declared sales of the .....

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had been provided at a late stage of the proceedings. The Assessing Officer was found to have the necessary particulars regarding the above referred to five creditors, but for the reasons best known to him, he did not summon any of them. More importantly, the Tribunal noted that for all the purchases ordered to be disallowed by the Assessing Officer, payments had been made by the assessee through account payee cheques, which remained unquestioned by the Assessing Officer. The creditors, having .....

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enge therein the order of the Income-tax Appellate Tribunal, Delhi Bench "A", New Delhi (hereinafter referred to as the Tribunal ). 2. The matter in question pertains to the assessment year 2007-08. In the appeal, the following question of law, among others, has been raised : "Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the decision of the learned Commissioner of Income-tax (Appeals) in deleting the addition of ₹ 1, .....

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that conclusion, the Assessing Officer noted that in spite of opportunity granted, none of the afore-referred five creditors/vendors had been produced by the assessee and no reason for the same had been offered. 4. The Commissioner of Income-tax (Appeals), Faridabad and the Tribunal, after examination of the entire record, inter alia, noted that for the assessment year in question, the assessee had declared sales of over ₹ 2.17 crores, as also gross profit at 2.69 per cent. against the sal .....

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