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TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 1369
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....ter referred to as the "Act"), dated 15.12.2019 for Assessment Year 2012-13. 2. Grounds taken by the assessee are reproduced as under: "1) The NFAC failed to appreciate that since the Appellant did not make any purchases or any other transaction from the entity 'Millenium Concern', the question of making the addition in the hands of the Appellant did not arise. 2) The NFAC erred in observing that the Appellant was one of the real importers on whose behalf diamonds were imported by the Bhanwarlal Jain group and diamonds were handed over out of books to the Appellant. 3) The NFAC erred in upholding the order of the AO on the basis of conjecture & surmise and without any material to show that the Appellant....
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....ch was received, inadvertently got missed to be taken care of, for the purpose of filing the appeal. Later, when the penalty notice for imposition of penalty u/s. 271(1)(c) was issued, assessee came to know about the passing of the impugned first appellate order and thereafter, took all the requisite steps to comply with the same and filed the appeal with the aforesaid delay. Assessee has placed on record an affidavit of the employee along with his medical records. 3.1. Assessee has also placed on record the notice which was issued for the purpose of imposition of penalty to justify the submission made by it. We have perused the material and given our thoughtful consideration to the same. It is a settled principle of law that ordinarily ....
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....ate limited company. Documentary evidences in respect of conversion of status of assessee from a partnership firm into a private limited company are placed on record in the form of incorporation issued by the Registrar of Companies, Mumbai, Maharashtra dated 27.04.2011. Also, placed on record is a deed of dissolution of partnership which also mentions about the date of dissolution as 26.04.2011. 4.1. By making a reference to search and survey action conducted in the case of Shri Bhanwarlal Jain Group on 03.10.2013 by the Investigation Wing, Mumbai, ld. Assessing Officer observed that assessee had taken accommodation entries of purchase from one M/s. Millennium Concern, amounting to Rs. 38,68,049/-. Owing to this information, case of the ....
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....see has manipulated its books of accounts and thus, rejecting the claim of the assessee, made the addition towards purchases from Millennium Concern amounting to Rs. 38,68,049/- by invoking the provisions of Section 69C. 5. Before the ld. CIT(A), assessee reiterated with elaborate explanations that no purchases were made from Millennium Concern/Star during the period partnership firm was in existence as well as during the period when it got converted into a private limited company. Reference was made to Para 7 of the impugned assessment order, wherein ld. Assessing Officer has noted that assessee has filed its submissions which were perused and as per the submissions of the assessee it had purchased the diamonds from Bhanwarlal Jain Conc....
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....ntry of purchase in the books of the assessee. Based on this theory propounded by ld. CIT(A), he concluded that assessee has not been able to furnish any confirmation of its claim from Millennium Concern/Star either before him or before the ld. Assessing Officer and thus, concluded that this amount represents out of books purchase made by the assessee from Millennium Concern/Star to uphold the addition made by ld. Assessing Officer u/s. 69C of the Act. 6. We have given our thoughtful consideration to the submissions made before us by both the parties and perused the material on record in the paper book containing 99 pages. It is noted that assessee has furnished purchase register for both the status, when it was a partnership firm and al....