2006 (6) TMI 543

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....ndent: Mr. Nishit Gandhi i/b. Ms. Usha Dalal,. P. C. 1. The above Income Tax Appeal is filed by the Revenue challenging the Order dated 3rd June 2019 passed by the Income Tax Appellate Tribunal ("ITAT"). By the impugned Order, the ITAT has allowed the Appeal filed by the Assessee. The assessment year in question is 2010-11. 2. According to the Revenue, the impugned order gives rise to the....

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....rimary onus was on the Assessee to prove the genuineness of the purchase parties. According to the Assessing Officer, the Assessee produced only the purchase bills and transactions made through banking channels before the Assessing Officer and no other details were furnished. In this situation, the Assessing Officer therefore made an addition of Rs. 7,21,753/- to the total income of the Appellant ....

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....y bringing on record inaccurate particulars in the form of bogus claim of purchase / expenses." 4. To put it in a nutshell, what was added was the gross profit at the rate of 25% of the unproved purchases of Rs. 28,87,014/-, namely Rs. 7,21,753/-. This addition has not been challenged by the Assessee and the Assessee has accepted the Assessment Order. 5. In addition to the Assessment Order, ....

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....icer. The ITAT noted that sales were not doubted and the gross profits were shown as above 12.5%. In this background, the ITAT was of the opinion that the Assessee could not be visited with the rigours of penalty under Section 271(1)(c). Aggrieved by the same, the Revenue has filed the above Appeal. 7. We find that the issue raised in the above Appeal is squarely covered by the decision of this....