TaxTMI 
TaxTMI 
2020 (8) TMI 507
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....ferred to as Act) dated 30/03/2015 by the ld. Dy. Commissioner of Income Tax, Circle-2(1),Mumbai (hereinafter referred to as ld. AO). 2. At the outset, we find that there is a delay in filing of appeal by the assessee before us by 172 days. We find that the Director of the assessee company has filed affidavit dated 21/01/2020 stating the reason that the key managerial personnel of the company resigned form the office on 03/10/2017 and the said position was vacant till 01/07/2018. It was affirmed that the erstwhile key management personnel , who left the service, was in-charge of the taxation matters of the assessee company and later on 02/07/2018 a new person was appointed in that place and accordingly, pending appeal to be filed before th....
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....wed. For the sake of convenience, the order passed by the ld. Administrative CIT on 30/03/2014 u/s.263 of the Act is being reproduced herein:- "In this case the assessment u/s.143(3) was completed on 15.12.2011 determining total loss of Rs. 93,14,08,803/-. 2. On verification of assessment records it is seen that sum of Rs. 9,78,420/- was claimed as purchases from M/s. United Marketing. However during assessment proceedings the party had denied having any transactions during the year. Hence, such purchases booked in the assessee's books were to be disallowed. The A.O. had erroneously failed to do so. Hence show cause was issued proposing invoking of Section 263 fixing hearing on 28.03.2014. The assessee however sought adjournment for 2 w....
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....sum of Rs. 9,78,420/-. This action of the ld. AO was upheld by the ld. CIT(A). 3.3. We find that the ld. AR made elaborate arguments before us to drive home the point that the purchases made from M/s. United Marketing is genuine and he also drew our attention to the relevant documentary evidences to support his contentions by making specific reference to the relevant pages of the paper book filed before us through e-mail. We hold that this is not the case of bogus purchases pursuant to the suppliers name being reflected as tainted dealer in the Sales Tax Department website of Government of Maharashtra. We find that the purchases from M/s. United Marketing made by the assessee is genuine based on the documentary evidences submitted in the p....