ITO -WARD- 3 (4), KALYAN vs. SATYANARAYANA C. JAKKUL, MUMBAI

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ITA 6864/MUM/2018Status: DisposedITAT Mumbai17 December 2019AY 2010-114 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 order, which restricted the addition to 25% of the alleged bogus purchases. The Tribunal reasoned that since the assessee's sales were not disputed, the entire purchase amount could not be added back, and the CIT(A)'s reduction was fair and reasonable.

What were the facts?

The assessee, a trader in iron and steel, had their assessments reopened based on information from the Sales Tax Department. The Assessing Officer (AO) added back amounts for alleged bogus purchase bills obtained from hawala dealers.

What were the issues?

Whether the entire amount of alleged bogus purchases should be added back to the assessee's income when sales are not disputed. The fairness and reasonableness of restricting the addition to a percentage of the alleged bogus purchases.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned in the provided text

AI-generated summary — verify with the full judgment below

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

Before: SHRI VIKAS AWASTHY

For Appellant: Shri Nimesh Chothani, AR
For Respondent: Shri R.Bhoopathi, DR, Shri Nimesh Chothani, AR

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent 3. आयकर आयु�त(अपील) / The CIT(A), Mumbai 4. आयकर आयु�त / CIT, Mumbai 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard file

आदेशानुसार/ BY ORDER, स�या�पत ��त //True Copy//

उप/सहायक पंजीकार (Dy./Asst. Registrar) आयकर अपील�य अ�धकरण, मुंबई / ITAT, Mumbai

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