TMI Blog2018 (8) TMI 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... ppliers. Copy of invoice cum delivery challans, copy of bank statements, highlighting payment made to Mayank Impex and Nazar Impex Pvt. Ltd., were also filed. Details of opening stock purchases and sales and closing stock details alongwith quantitative tally in carats. Stock Register for purchase and corresponding sales in the form of export, purchases against H forms and corresponding export ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Act ). 2. Rival contentions have been heard and record perused. The brief facts of the case are that the assessee is engaged in manufacturing and export of diamonds. During the course of assessment u/s.143(3) r.w.s. 147 of the Act the AO made disallowance in respect of bogus purchase @12.5%. By the impugned order the CIT(A) restricted the same at 3%. The CIT(A) observed that VAT rate is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zar Impex Pvt. Ltd. Copies of Bank Statement highlighting the payment made to - Mayank Impex and Nazar Impex Pvt. Ltd. Details of Opening Stock, Purchases , sales and closing stock details Quantity in carats Stock register for purchases and corresponding sales Nazar Impex Pvt. Ltd. purchase against H Form and corresponding Export Sales documents Mayank Impex Purchases an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xport of diamonds. During the course of assessment, assessee has filed ledger copy of Mayank Impex and Nazar Impex Pvt. Ltd., along with their confirmation which are alleged to be bogus suppliers. Copy of invoice cum delivery challans, copy of bank statements, highlighting payment made to Mayank Impex and Nazar Impex Pvt. Ltd., were also filed. Details of opening stock purchases and sales and clos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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