TaxTMI 
TaxTMI 
2025 (5) TMI 1943
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...., for the assessment year 2018-19. 2. The present appeal is delayed by 56 days. Along with the appeal, the assessee has filed an application seeking condonation of delay which is duly supported by an affidavit signed by the director of the assessee company. In the affidavit, it is submitted that the copy of the impugned order was not received by the assessee either on the email address as provided in Form 35 or in the income tax return. It is submitted that since certain email communications were received on an email ID of an employee who has been relived from the company, the assessee understands that the impugned order was also sent at the same email ID. Accordingly, it is submitted that the assessee did not receive the order passed by t....
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....nuineness of the purchase transaction could not be ascertained. The CIT(A) has completely disregarded the detailed explanations provided and the supporting documents furnished by the Company to prove the genuineness of the purchase transaction and the details furnished in relation to the source of purchase expenditure. The purchases were made by the Company from accounted money as the payment for the purchase transactions are made by the Company through banking channels. 1.3. On the facts and circumstances of the case, the CIT(A) has on the basis of mere conjecture and without any basis, deemed the Company's purchases totalling Rs. 3,34,87,077/- to be nongenuine transactions. The CIT(A) has completely disregarded the fact that the pu....
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....submitted by the assessee, it was noted that the assessee has not furnished PAN with respect to 17 suppliers. Subsequently, the assessee furnished PAN details along with documentary evidence with respect to purchases made from these suppliers. However the assessee failed to provide requisite details such as PAN/invoice/proof of transportation in respect of 13 suppliers, with whom the transaction total amounting to INR 3,34,87,077/- was made by the assessee. Accordingly, the assessee was issued a show cause notice along with a draft assessment order requesting to furnish the details of PAN, along with proof of delivery of goods in respect of these purchases. In response, the assessee provided only the PAN and invoice copy in respect of the p....
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....ered at the designated warehouses by the respective vendors, where the commodities are stored for further sale. Further, in transactions through commodity exchanges, the same are done on a virtual space, where one can buy, sell or trade various commodities at current or future date and once the commodities are purchased the ownership gets transferred in the name of the buyer and the commodities are stored at the designated warehouses in the name of the buyer until it is sold. Therefore, as per the assessee in the purchase transactions entered through the open market as well as through recognised commodity exchanges, the commodities purchased get delivered at the designated warehouses by the respective vendors, where the commodities are stor....
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....can be bought and sold at current or future date by anyone and is a regulated market allowing the trading transaction at a central location. Therefore, we are of the considered view that the transactions entered into by the assessee cannot be compared with any other trading transaction where there is a physical delivery of goods to the assessee, and in such a mode of transaction, the details sought by the lower authorities become relevant. However, in the present case, the assessee's business model is completely different, which has not been examined by any of the lower authorities. 9. We further find that the AO made the impugned addition under section 69C of the Act, which deals with unexplained expenditure and provides that where in any....