TaxTMI 
TaxTMI 
2017 (10) TMI 1151
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....tricting the addition of unexplained expenditure to Rs. 25,91,829/- @ 12.5% of Rs. 2,15,98,572/- under section 69 of the Income tax Act on account of bogus purchases as against the addition of Rs. 2,15,98,572/- made by the AO without appreciating that the assessee has not produced any cogent evidence to substantiate the fact that it had taken actual delivery of goods purchased from these parties and that the notices under section 133(6) issued to the parties from whom alleged bills were received were returned undelivered by the postal authorities with the remark 'not available at the address 'and the assessee has also failed to produce the parties before the AO. (ii) On the facts and in the circumstances of the case and in law, the learn....
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....e heard the ld. DR for the revenue and the ld AR of the assessee and perused the material available on record. Ground number 1 relates to restricting the addition at the rate of 12% of the alleged bogus purchases. The learned AR for the revenue argued that during the assessment proceeding the assessing officer noticed that the assessee has shown purchases from 10 of parties, which were providing accommodation entries without sales of material and delivery of goods. The names of all those parties are listed in the list of hawala dealers. The list of Hawala dealers was provided by the Sale tax Department of government of Maharashtra. The Investigation wing of the Income -tax Department also investigated about the hawala dealers, which were en....
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....onstruction work could not be raised unless material have been utilised. The assessee has provided all details consisting TIN No., PAN No. and party wise all details. The assessing officer has not rejected the statement account of the assessee not disputed about the consumption of material in various project of the assessee. 4. We have considered the rival submission of the parties and have gone through the orders of authorities below. During the assessment proceeding the assessing officer noticed that in the Profit & Loss account the assessee debited an amount of Rs. 5,89,49,666/- on account of purchases. The assessee filed party wise details of the purchases along with VAT numbers, PAN numbers and the details of the purchases. The assess....
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....r has not been able to question the availability of inventory and the consumption of material to the extent of purchases. The assessee filed its books of account, purchase bills, challans, ledger accounts and the bank statement to prove the genuinity of purchases. The assessing officer has not doubted the payments made through banking channels. The onus to prove the that the entire transaction are genuine is primarily on the assessee, when they are making the claim of purchase and especially in the light of the doubt that has been raised by the enquiries conducted by sales tax Department. The assessee has primarily discharge his onus. The assessing officer has not disputed the books of account of the assessee and the sale. The AO has not br....
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....the addition on account of difference in TDR for Rs. 12,49,701/-. The ld DR for the revenue supported the order of assessing officer and argued that ld CIT(A) granted relief to the assessee without appreciating the fact. The assessee has not provided the details of purchase of TDR during the assessment proceedings. The ld DR prayed that this ground of appeal may be restored to the file of assessing officer. On the other hand the ld AR for the assessee supported the order of ld CIT(A). The ld AR for the assessee submits that all the details along with the evidences was furnished to the assessing officer and explained the facts before assessing officer. The ld CIT(A) granted the relief to the assessee after appreciating the facts explained be....