Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Assistant Commissioner of Income Tax, Circle-2, Jaipur Versus Arvind Gupta

Disallowance of unverifiable purchases - rejection of books of accounts U/s 145(3) - Held that:- As decided in the case of Shri Anuj Kumar Varshney Vs. I.T.O.[2015 (4) TMI 533 - ITAT JAIPUR] disallowances has been held reasonable on considering the detail discussion on facts and legal position on unverifiable purchases/bogus purchases. Accordingly, we also apply 15% disallowances on unverifiable purchases in this case also. The Assessing Officer is directed to recalculate the income as per above .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

reducing the trading addition to ₹ 13,69,762/- made by the A.O. by disallowing @ 25% unverifiable purchases of ₹ 57,48,691/- though the rejection of books of accounts U/s 145(3) of the I.T. Act, 1961 was upheld. 2. Reducing the addition keeping in view the decision of ld. CIT(A) in the case of M/s Nand Kishore Meghraj in ITA No. 433/JP/2009 and confirmed by Hon ble ITAT, Jaipur Bench, Jaipur. 2. Both the grounds of appeal are interlinked and against reducing the trading addition of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

income of ₹ 5,94,670/-. The case was scrutinized U/s 143(3) of the income Tax Act, 1961 (in short the Act). The ld Assessing Officer observed that the assessee claimed that on total sales of ₹ 4,54,16,803/- gross profit of ₹ 28,84,683/- has been declared giving a G.P. rate of 6.35%. In the immediately preceding year assessee has shown total sales of ₹ 2,70,32,636/- gross profit of ₹ 15,97,817/- giving G.P. rate of 5.91%. The assessee had shown total purchases of &# .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

observed that the aforesaid parties were investigated by the department on receipt of data in respect of banking cash transaction tax and it was found that no such concern exist on the given address. The above parties were only giving accommodation entries and not doing any genuine sale purchase of the gems & jewels. The assessee was asked to produce the above parties alongwith books of account in order to prove the genuineness of transaction. In response to this, the assessee submitted its .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the assessment order. The ld Assessing Officer observed that from the above case laws and discussion, it is crystal clear that the primary onus is on the assessee to establish the genuineness of the purchases claimed by it. Since the primary facts are in the knowledge of the assessee it is his duty to provide the correct address or contact modes of the alleged suppliers Payment of account payee cheque is not sacrosanct. The learned Assessing Officer after considering the assessee s reply and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n of ₹ 14,37,171/- to the income of the assessee. 3. Being aggrieved by the order of the learned Assessing Officer, the assessee carried the matter before the learned CIT(A), who had allowed the assessee s appeal partly by observing as under:- I have carefully perused the order of the A.O. and submissions of the A.R.. The fact of the matter is that during the year the appellant has sown purchases from 8 parties that were found to be non-existent as business entities. Thus, these purchases .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Update Alerts     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version