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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI
Before: HON’BLE SHRI C.N. PRASAD, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
माननीय श्री छल्ला नागेन्द्र प्रसाद, न्याययक सदस्य एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ (धििाारण वर्ा / Assessment Year: 2009-10) M/s Roshan Metal Industries ITO-16(3)(4), 2nd floor, 2/4, Pushpa Sadan Matru Mandir,Tardeo Road, बिाम/ Vs. 2nd Carpenter Street, Mumbai-400 007 Mumbai-400 004 स्थायीलेखासं./ जीआइआरसं./ PAN/GIR No. AAJFR-3446-A (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : None Revenue by : Ms. Smita Varma– Ld. Sr. DR सुनवाई की तारीख/ : 02/09/2021 Date of Hearing घोषणा की तारीख / : 02/09/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for AY 2009-10 arises out of the order of Ld. Commissioner of Income Tax (Appeals)-7 Mumbai [CIT(A)] dated 23/12/2018 in the matter of assessment framed by Ld. Assessing Officer (AO) u/s 143(3) r.w.s. 147 on 12/08/2014. The sole subject matter of appeal is estimation of addition on account of alleged bogus purchases.
At the time of hearing, none appeared for assessee. However, the material on record was sufficient for disposal of the appeal. The Ld. DR pleaded for dismissal of appeal. The assessee being resident firm is stated to be engaged in trading of metals.
The case was reopened pursuant to receipt of certain information from Sales Tax Department, Maharashtra on the basis of which it was alleged that the assessee made suspicious purchases of Rs.58.29 Lacs from 13 entities as detailed in para 5.1 of the order. Notices issued u/s 133(6) to these suppliers did not elicit any satisfactory response. The assessee furnished copies of purchase invoices, bank statements evidencing payment through banking channels, stock register, quantitative details etc. However, not convinced, relying upon the decision of Hon’ble Gujarat High Court in CIT V/s Simit P. Sheth (356 ITR 451), Ld. AO estimated addition of 12.5% and added the same to the income of the assessee.
During appellate proceedings, the assessee did not appear before Ld. CIT(A). After going through findings of Ld. AO in the impugned order, Ld. CIT(A) concurred that the estimation was quite fair and reasonable. Still aggrieved, the assessee is in further appeal before us.
After going through the orders of lower authorities, we find that Ld. AO has passes well reasoned and speaking order in the light of assessee’s submissions as well as documentary evidences. In the absence of any new material before us, we see no reason to deviate from the orders of lower authorities and therefore, dismiss the appeal.
The appeal stands dismissed. Order pronounced on 02nd September, 2021. (C. N. Prasad) (Manoj Kumar Aggarwal) न्याययक सदस्य / Judicial Member लेखा सदस्य / Accountant Member