2014 (11) TMI 1293

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....MAUNA M BHATT, ADVOCATE, MR VARUN K PATEL, ADVOCATE For the Respondent : MR SN DIVATIA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR. JUSTICE KS JHAVERI) 1. By of these appeals, the appellant of Tax Appeal No. 616/2005 has challenged the judgment and order dated 21.8.2003 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' in ITA No. 1186/Ahd/2001 for A.Y. 1997-98 and the a....

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....unt of alleged bogus purchases at Rs. 2,40,605/- out of total purchases amounting to Rs. 16,04,032/- ?" 3. The facts of the present case are that the return of income was filed by the assessee on 29.10.197 declaring a total income of Rs. 2,38,321/- which was accepted u/s. 143(1)(a) on 26.3.98. The tax payable was determined at Rs. NIL after considering prepaid taxes of Rs. 63,776/-. The assesse....

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....in Tax Appeal No. 627/2005 has tried to distinguish the judgment on facts and argued for enhancement of disallowance on account of bogus purchase. In our view, in fact, the Tribunal has rightly assessed the disallowance at the rate of 15%. The Tribunal has observed as under in paragraph-5: "The ld. AR submitted that 25% disallowance taken in the said decision of the Tribunal is excessive ....