MANOHAR S. ALI,MUMBAI vs. ITO 2(5), MUMBAI

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ITA 5981/MUM/2018Status: DisposedITAT Mumbai08 November 2019AY 2011-125 pages
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What did the Tribunal hold?

The Tribunal agreed that the assessee failed to prove the genuineness of the purchases. However, it held that the addition of 25% was excessive and reduced it to 7.5% based on the VAT rate and estimated profit.

What were the facts?

The assessee claimed purchases from parties listed as 'hawala' parties by the sales tax department. The AO reopened the assessment and added 25% of the alleged bogus purchases, which was confirmed by the CIT(A).

What were the issues?

Whether the addition on account of bogus purchases was justified and if the quantum of addition was excessive.

Which sections of the Income-tax Act were involved?

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

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Income Tax Appellate Tribunal, MUMBAI BENCHES “SMC”, MUMBAI

Before: SHRI WASEEM AHMED (AM) & SHRI RAM LAL NEGI (JM)

For Appellant: Shri B.N. Rao. (AR)
Hearing: 05/11/2019Pronounced: 08/11/2019

आदेश प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आय क्त(अपील) / The CIT(A)- 4. आयकर आय क्त / CIT

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