M/S. JASMINE DESIGN PRIVATE LIMITED,JAIPUR vs. ITO, WARD-5(1), JAIPUR

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ITA 1286/JPR/2019Status: DisposedITAT Jaipur14 February 2020AY 2015-1614 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the addition on account of excess stock was not justified as the valuation by the departmental valuer was flawed. The addition for unverifiable purchases was also deleted, as the assessee had provided sufficient documentary evidence and payment proofs.

What were the facts?

During a survey, the assessee's stock was valued by a departmental valuer, leading to an addition for excess stock. The assessee also faced additions for unverifiable purchases, despite providing documentary evidence and payment proofs.

What were the issues?

Whether the valuation of stock by the departmental valuer was correct and whether purchases supported by documentary evidence and payment proofs can be treated as unverifiable solely for non-production of suppliers.

Which sections of the Income-tax Act were involved?

Section 133A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCH ‘B’, JAIPUR

Before: Shri Vijay Pal Rao, JM & Shri Vikram Singh Yadav, AM vk;dj vihy la-@ITA No. 1286/JP/2019

For Appellant: Shri S.L. Poddar, Advocate jktLo dh vksj ls@
Hearing: 03/02/2020

Order pronounced in the open court on 18 /02/2020.

Sd/- Sd/- ¼ foØe flag ;kno ½ ¼fot; iky jko½ (Vikram Singh Yadav) (Vijay Pal Rao) ys[kk lnL;@ Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 18 /02/ 2020 *Mishra आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. vihykFkhZ@The Appellant- M/s. Jasmine Design Pvt.Ltd. , Jaipur 2. izR;FkhZ@ The Respondent- The ITO, Ward- 5(1),Jaipur vk;dj vk;qDr¼vihy ) @ CIT(A), 3. vk;dj vk;qDr@ CIT, 4. 5. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 6. xkMZ QkbZy@ Guard File (ITA No1286/JP/2019) vkns'kkuqlkj@ By order,

सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत

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