TaxTMI 
TaxTMI 
2019 (6) TMI 582
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....ferred to as Act) dated 24/03/2015 by the ld. Income Tax Officer, Ward - 3, Palghar (hereinafter referred to as ld. AO). 2. The assessee has raised the following grounds of appeal:- 1] The Hon'ble C.I.T (A) erred in confirming the action of the Lr. A.O. in estimating 22.83% as profit embedded in impugned purchases of Rs. 14,86,922.00 from three parties. 2] Your Appellant prays before your Honours that the purchases made from those three parties are genuine purchases as substantiated by the documentary evidence filed before the Hon'ble C.I.T (A) who appears to have overlooked and hence the additions be deleted. 3] Your appellant craves leave to add, alter, modify, or delete the above grounds of Appeal. ....
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.... upon by Your Honours. It is a settled position in law that the Hon'ble Tribunal has powers to consider a claim of the appellant emanating from the assessment proceedings, although not raised earlier. In this regard, the appellant relies upon the following landmark decisions of the Hon'ble Courts. i. National Thermal Power Corporation v. CIT [229 ITR 383 (SC)] ii.Jute Corporation of India Ltd. V. CIT [187 ITR 688 (SC)] iii. Ahmedabad Electricity Co. Ltd. V. CIT [199 ITR 351 (Bom) (FB)] iv. CIT v. Pruthvi Brokers & Shareholders [349 ITR 336 (Bom)] 7. In view of the above, it is most humbly submitted that the enclosed additional ground may kindly be admitted and adjudicated upon by Your Hon....
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....n total purchases of Rs. 14,86,922/- made from three parties in the facts and circumstances of the case. 3. Brief facts of this issue are that the ld. AO received information from Sales Tax department wherein it was mentioned that the assessee had obtained bogus purchase bills from the following three parties:- Sr. No. Name Amount(Rs.) 1. M/s. Chemi Age Enterprises 61,30,150/- 2. M/s. Sumukh Corporation 32,723/- 3. M/s. International Trade Agency 3,50,147/- Total 65,13,020/- 3.1. The assessee is a private limited company engaged in the business of manufacture of bulk drugs, fine chemicals, Intermediates etc. The return of income for the A.Y.2009-10 was filed by the assessee company o....
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.....133(6) as stated above and requested assessee to produce the concerned authorities before him for further examination with supporting evidences to establish the genuineness of the purchase. The assessee was also requested to produce copy of invoices, delivery challans, payment details alongwith supporting evidences in respect of above charges. The assessee furnished the following details before the ld. AO. 1. List of all partywise purchases 2. Copy of Sales Tax returns 3. Ledger print out of all the above three parties with their respective copies of invoices and delivery challans 4. Bank statements highlighting payments made to them by account payee cheque. 3.4. With regard to purchases made by the assessee from M/s. Che....
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....y same GP rate at 22.83% on the total value of purchases made from the aforesaid three parties in the sum of Rs. 65,13,020/- and made an addition of Rs. 14,86,922/- in the assessment which was upheld by the ld. CIT(A). 4. Aggrieved, the assessee is in appeal before us. 5. We have heard rival submissions. At the outset, from the facts narrated hereinabove and in the light of various factual evidences, supporting documents, confirmation and affidavit confirming the transactions filed by M/s. Chemi Age Enterprises, which remain uncontroverted by the revenue and on which no adverse findings were recorded by the ld. AO or by the ld. CIT(A), the claim of the assessee deserves to be accepted as assessee had given complete evidences for movem....