DCIT - CIRCLE- I, KALYAN vs. PRAKASH INDUSTRIAL INFRASTRUCTURE PVT. LTD., MUMBAI

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ITA 6278/MUM/2018Status: DisposedITAT Mumbai29 November 2019AY 2011-124 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 confirmed the order of the CIT(A) in restricting the addition by applying a profit rate of 25% on the bogus purchases.

What were the facts?

The AO made an addition of Rs. 2,38,065/- for bogus purchases. The CIT(A) restricted this disallowance to 25% of the bogus purchases, amounting to Rs. 59,516/-, considering it as the profit element.

What were the issues?

Whether the disallowance for bogus purchases should be the entire amount or only the profit element embedded therein.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

For Appellant: Shri Kumar Padampani Bora, DR
Hearing: 14.11.2019Pronounced: 29.11.2019

आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री व ीम अहमद, लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI WASEEM AHMED, AM आयकर अपील सुं./ (यिर्ाारण वर्ा / Assessment Year 2011-12) The Dy. Commissioner of Prakash Industrial Infrastructure Income-Tax, Circle-1, Pvt. Ltd, Kalyan West-421301 Plot No. 34, Khaitan Bhavan, SP बनाम/ Mukharjee Road, Suryodaya CHS Vs. Ltd, Ambernath (E),-421 501 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./PAN No. AADCP8884D अपीलार्थी की ओर े / Appellant by : Shri Kumar Padampani Bora, DR प्रत्यर्थी की ओर े / Respondent by : None ुिवाई की तारीख / Date of hearing: 14.11.2019 घोर्णा की तारीख / Date of pronouncement : 29.11.2019 आदेश / O R D E R महावीर ससुंह, न्याययक सदस्य/ PER MAHAVIR SINGH, JM:

This appeal of the Revenue is arising out of order of the Commissioner of Income Tax (Appeals)]-2, Thane [in short CIT(A)], in vide dated 29.08.2018. The Assessment was framed by the Asst. Commissioner of Income Tax, Circle-1, Kalyan (in short ACIT/ AO) for the A.Y. 2011-12 vide order dated 10.03.2015 under section 143(3) of the Income-tax Act, 1961 (hereinafter ‘the Act’).

2 | P a g e 6278/Mum/18 Prakash Industrial Infrastructure

2.

The only issue in this appeal of Revenue is against the order of CIT(A) restricting the addition by applying the profit rate at 25% of the bogus purchase.

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