ITO,WARD- 3(4), KALYAN vs. SHRI. SURESH G CHAVAN, MUMBAI

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ITA 6866/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 decision to restrict the additions to 25% of the alleged bogus purchases, considering that sales were not disputed and purchases were necessary for sales. The appeal by the Revenue was dismissed.

What were the facts?

The assessee, a chemical dealer, had their assessments re-opened based on information about obtaining bogus purchase bills from hawala dealers. The Assessing Officer made additions for alleged bogus purchases in two assessment years.

What were the issues?

Whether the entire amount of alleged bogus purchases can be added back when sales are not disputed. The reasonableness of restricting the addition to a percentage of bogus purchases.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

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

Before: SHRI VIKAS AWASTHY

For Respondent: Shri R.Bhoopathi, DR

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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