9911796707
TMI Blog2017 (4) TMI 1496X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 38lacs and Rs. 65,01,101/- in assessment orders dated 26.12.2011, in proceedings u/s.143(3) of the Income Tax Act, 1961; in short "the Act". Heard both sides. Case files perused. 2. Learned counsel informs us at the outset that both these appeals challenge correctness of the above purchases disallowances in respect of separate assessees /appellants wherein the lower authorities treat the same as bogus. Shri Pipara states that the sole issue herein involves identical factual backdrop. We thus treat former appeal ITA No.882/Ahd/2014 in respect of the former assessee Shri Anil Gaherilal Duggad as the lead case. 3. We advert to relevant facts. This assessee trades in brass metal in the name and style of M/s. Just trading company. It c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed audit report of the above trading concern, copy of accounts of the two payee enterprises for financial years 2008-09 to 2012-13 in former payee's case and from financial years 2007-08 to 2012-13 in latter party's case along with bank statement evidence to buttress the first substantive argument seeking to prove genuineness of the purchases in question. Shri Pipara however fails to dispute the fact that the said two payees are not traceable till date. We therefore find no merit in this genuineness aspect of assessee's argument as it was all the more reason for him to have at least filed the said two parties' confirmations and more so in view of the fact that he had been having business relations for above long period of time. We thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Assessing Officer shall frame consequential assessment accordingly. ITA No.882/Ahd/2014 is partly allowed. 6. We come to latter assessee's appeal ITA No.883/Ahd/2014 involving similar issue of purchases disallowance of Rs. 65,05,101/- in respect of copper purchases in trading business. Both the learned representatives agree that our above discussion in former assessee's case applies in toto herein as well. We thus direct the Assessing Officer to restrict the impugned disallowance @15% in the instant appeal as well with all our stipulations in the preceding paragraph. ITA No.883/Ahd/2014 is also partly accepted. 5. These two assessees partly succeed in their respective appeals. [Pronounced in the open Court on this the 26th day of Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
