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2015 (6) TMI 1087 - ITAT JAIPUR

2015 (6) TMI 1087 - ITAT JAIPUR - TMI - 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 directe .....

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applying g.p. rate of 6.50% and thereby 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 a .....

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ent year 2007-08 on 31/10/2007 declaring 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 .....

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8,12,410/- Total 57,48,691/- He further 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 resp .....

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laws, which is reproduced on page No. 4 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 af .....

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of ₹ 57,48,691/- and made addition 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 b .....

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