2024 (10) TMI 304

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.... PER ANIKESH BANERJEE (JM): The instant appeal filed by the assessee is directed against the order of the Learned Commissioner of Income-tax(Appeals), Mumbai (hereinafter, 'Ld.CIT(A)') passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act') for the assessment year 2009-10 dated 27^th June 2024. The impugned order emanated from the order of the Ld. Assistant Commissioner of ....

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.... the time of hearing of the appeal, if necessary." 3. The brief facts of the case are that the assessment was completed under section 143(3) read with section 147 of the Act dated 31/01/2015. The ld.AO found that the assessee has made the 'hawala' transactions as per the information received from the DGIT (Inv) amount to Rs. 1,61,69,712/- and assessee purchased the computers which are used for ....

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....tion received from DGIT(Inv) relating to bogus purchase/"hawala transactions" made amount to Rs. 1,61,69,712/-. The ld. AO treated the purchase of computer as bogus purchase. Finally, the addition was made by disallowing @25% of the depreciation claimed by the assessee amount to Rs. 24,25,456/-. The assessee has accepted the quantum addition. But the addition was made on disallowance of depreciati....

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....ulars of income. Hence, the penalty levied by the ld.AO on estimated addition which is not sustainable. The ld.CIT(A) in impugned appeal order relied on the order of the Hon'ble Apex Court in the case of JRD StockBrokers (P) Ltd vs. CIT (2017) 79 taxmann.com 184 (SC). The issue is dealt with by the Hon'ble Apex Court that the search was initiated under section 132(4) with it include accommodation ....