PRAGARAM J PATEL,MUMBAI vs. ITO 19 (2)(5), MUMBAI

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ITA 5569/MUM/2019Status: DisposedITAT Mumbai05 April 2021AY 2011-123 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found no infirmity in reopening the case as the AO had tangible material indicating escapement of income. The estimated addition of 12.5% was considered fair and reasonable for tainted purchases.

What were the facts?

The assessee, engaged in steel trading, was assessed after reopening the case based on information about alleged bogus purchases of Rs. 159.54 Lacs from 6 entities. The Assessing Officer estimated an addition of 12.5% on these purchases, which was upheld by the CIT(A).

What were the issues?

The primary issues were the validity of reopening the assessment and the estimation of income on account of alleged bogus purchases.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 142(1)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: HON’BLE SHRI SAKTIJIT DEY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Respondent: Ms. Smita Verma – Ld. Sr. DR

O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. 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 the appeal. The assessee is aggrieved by confirmation of certain addition on account of alleged bogus purchases vide order dated 20/06/2019 as passed by Ld. Commissioner of Income- Tax (Appeals)-4, Mumbai, [in short referred to as ‘CIT(A)’], Appeal No.CIT(A)-4/ITO-19(2(5)/e-filing-51/2018-19. Our adjudication to the subject matter of appeal would be as given in succeeding paragraphs.

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