ITO 32 (1)(6), MUMBAI vs. RAJESH HORACHAND DESAI, MUMBAI

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ITA 7890/MUM/2019Status: DisposedITAT Mumbai01 June 2021AY 2010-113 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to estimate the profit element at 12.5% on the purchases, considering the assessee possessed primary documents and made payments through banking channels.

What were the facts?

The assessee was assessed for alleged bogus purchases of Rs.96.57 Lacs. The Assessing Officer estimated a 15% disallowance, adding Rs.14.48 Lacs. The CIT(A) restricted the addition to 12.5%.

What were the issues?

Whether the estimation of profit on alleged bogus purchases by the CIT(A) was justified, considering the primary evidence and banking transactions.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 133(6)

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, “D” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Ms. Ruchi Rathod, Ld. AR
For Respondent: Shri Bharat Andhale, Ld. Sr. DR

आयकर अपीलीय अधिकरण “डी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ (धििाारण वर्ा / Assessment Year: 2010-11) ITO 32(1)(6), Rajesh Hirachand Desai R. No. 703, 7th floor B-15, Baidyanath Dham बिाम/ Vs. 3rd floor, TPS-III, R. No. 05, Kautilya Bhavan, BKC Bandra East,Mumbai-400 051 Vazira Naka, Borivali West, Mumbai-400 092 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AABPD-1684-L (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : Ms. Ruchi Rathod, Ld. AR Revenue by : Shri Bharat Andhale, Ld. Sr. DR ुनवाई की तारीख/ : 01/06/2021 Date of Hearing घोषणा की तारीख / : 01/06/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by revenue for Assessment year [AY in short] 2010-11 contest the order of Ld. Commissioner of Income Tax (Appeals)-46, Mumbai [in short CIT(A) ] dated 10/10/2019 which has provided certain relief to the assessee on account of alleged bogus purchases.

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