9911796707
TMI Blog2020 (11) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer. 2. Briefly stated the facts are that, the assessee engaged in the business trading in industrial tools and accessories like bearings belts, bits drills, filed return of income on 21.09.2009, 16.09.2010 and 24.09.2011 and declaring income of Rs..77,236/-, Rs..24,192/- & Rs..1,41,979/- for the A.Y: 2009-10, A.Y. 2010-11 and A.Y.2011-12 respectively, and the returns were processed u/s. 143(1) of the Act. Subsequently, Assessing Officer received information from the DGIT (Inv.,), Mumbai about the accommodation entries provided by various dealers and assessee was also one of the beneficiary from those dealers. The assessments were reopened U/s. 147 of the Act based on the information received from DGIT(Inv.) Mumbai, that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reated entire purchases of Rs..2,06,304/-, Rs..3,43,073/- &Rs..2,60,603/- for the A.Y:2009-10, A.Y. 2010-11 and A.Y. 2011-12 respectively as non-genuine and added to the income of the assessee. On appeal the Ld.CIT(A) considering the evidences and various submissions of the assessee restricted the disallowance to an extent of 12.5% of the non-genuine purchases. 4. Ld. Counsel for the assessee reiterated the submissions made before the Ld.CIT(A). 5. Ld. DR vehemently supported the orders of the Assessing Officer. 6. Heard both sides, perused the orders of the authorities below. On a perusal of the order of the Ld.CIT(A), I find that the Ld.CIT(A) considered this aspect of the matter elaborately with reference to the submissions of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven accommodation entries only without actually supplying the goods, the genuineness of purchases made from these parties will have to be considered taking this into consideration while examining the documentation submitted by the appellant in support of its claim. The documentary evidences such as purchase bills, payments by cheques, etc. would all have been orchestrated to present a facade of genuineness and does not necessarily mean that the purchases from these parties are genuine. The Courts have held that payment by cheque by itself is not sacrosanct so as to prove genuineness of purchases when the surrounding circumstances are suspect. However, the appellant has shown onward sales which has not been doubted by the Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
