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Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI
Before: SHRI R.C. SHARMA
O R D E R PER R.C. SHARMA, ACCOUNTANT MEMBER
This appeal filed by the revenue is against the order of CIT(A)-12, Mumbai for the A.Y.2010-11 in the matter of order passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961.
Revenue is aggrieved for upholding the addition on account of bogus purchases to the extent of 12.5% in place of 100% made by the AO.
I have gone through the orders of the authorities below and found that the AO reopened assessment on finding that assessee has made bogus purchases of Rs.14,463/-. Accordingly, he added entire amount in assessee’s income.
By the impugned order, CIT(A) has restricted the addition to the extent of 25% of the alleged bogus purchases after considering the facts and circumstances and applying judicial pronouncements in case of NK Proteins Ltd. 250 Taxman 22 (SC). Nothing was placed before me to persuade me to deviate from the findings of CIT(A) as contained at para 42 & 43 of his appellate order. Accordingly, I uphold the order of CIT(A).
In the result, appeal of the revenue is dismissed.
Order pronounced in the open court on this 27/01/2020