SHETKARI SOLVENT (INDIA) LIMITED,NAGPUR vs. ACIT C.C. 1(1), NAGPUR

ITA 137/NAG/2012Status: DisposedITAT Nagpur27 March 2019AY 2007-0812 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the issue of alleged bogus purchases and related additions were not directly connected to the grounds raised before the lower authorities. It admitted the legal issues and remanded the matter to the Assessing Officer for fresh adjudication, directing him to grant an opportunity of being heard and admit additional evidence.

What were the facts?

The assessee company was engaged in solvent extraction and edible oil refining. The Assessing Officer disallowed purchases of Rs. 8,06,65,900/- on account of alleged bogus purchases of Soya DOC and Poha Bhusa from certain parties, citing lack of genuineness and denial by the sellers.

What were the issues?

Whether the additions made on account of alleged bogus purchases were valid when the corresponding sales were accepted, and whether the assessment under Section 153C was valid if not based on seized material.

Which sections of the Income-tax Act were involved?

Section 153C,Section 143(3),Section 271(1)(c)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri Abhay Agarwal, Adv
Hearing: 26.03.2019Pronounced: 27.03.2019

PER D. KARUNAKARA RAO, AM: This appeal is filed by the assessee against the order of CIT(A)-1, Nagpur dated 11.01.2012 for the Assessment Year 2007-08. 2. The revised grounds raised by the assessee are as under :– “1. That the learned CIT(A) erred in confirming the addition of Rs.5,79,60,000 on account of alleged bogus purchases of Soya DOC

2 (Rs.2,48,40,000 from Prafull Rice Mills & Rs.3,31,20,000 from Shri Vyankatesh Rice Mill) during AY 2007–08. 2. That the learned CI

The order continues below.

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