2021 (4) TMI 310

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....ard together, these are being disposed of by this common order for the sake of convenience and brevity. 2. The solitary grievance of the Revenue is that the ld. CIT(A) erred in restricting the addition of Rs. 2,04,95,150/- to Rs. 51,23,787/- and the solitary grievance of the assessee is towards restriction of addition of Rs. 51,23,787/-. Since both the appeals relate to same set of facts, we deem it fit to consider the facts for disposal of the captioned appeals. 3. Briefly stated, the facts on record show that search and seizure action u/s 132 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act'] was conducted in the case of Shri Bhanwarlal Jain on 03.10.2013 by the Investigation Wing, Mumbai. During the course o....

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.... stated that the assessee might have shifted somewhere else. 7. Based on the reports submitted by ACIT, Circle 3(1) and 2(3)(8), the Assessing Officer came to the conclusion that the purchases made from Parvati Exports and Mukti Exports are bogus purchases. The Assessing Officer further observed that the assessee has failed to provide any proof whatsoever regarding the receipt of such purchases. According to the Assessing Officer, no documentary evidence like train/travel tickets and bills for hotels etc have been produced to prove that the employee had actually travelled from Delhi to Surat. The Assessing Officer concluded the assessment proceedings by making an addition of Rs. 2,04,95,150/-. 8. The assessee assailed the assessment o....

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....tter dated 31.08.2016, addressed to the ld. CIT(A)-18, New Delhi, the ACIT, Circle 53(1), New Delhi categorically stated that the Assessing Officer had not raised any specific written query regarding proof of physical delivery of goods. This letter is exhibited at pages 159 and 160 of the paper book. We further find that vide letter dated 23.02.2015, Income Tax Officer, Ward 2(3)(8) Surat addressed to the ACIT, Circle 53(1), New Delhi has categorically stated that M/s Parvati Exports might have shifted somewhere else and further that due to centralization of search cases, Parvarti Exports case has been transferred to ACIT, Circle 1(3), Mumbai. This letter is exhibited at page 161 of the paper book. 14. There is no denying that before the....