FENIL SUBHASH SHAH,KOLKATA vs. I.T.O.,WARD-31(3), KOLKATA

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ITA 1827/KOL/2019Status: DisposedITAT Kolkata12 February 2020AY 2009-102 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that while the purchases were found to be based on fake invoices, the corresponding sales had been accepted. Following a co-ordinate bench's decision, the Tribunal directed that the addition should be restricted to the gross profit at 12.5% of the impugned purchases.

What were the facts?

The assessee challenged the disallowance of purchases amounting to ₹1,62,536/- due to alleged bogus invoices from Maharashtra-based suppliers. The Revenue emphasized information received from the Sales Tax Department, Government of Maharashtra, regarding a fake invoices scam.

What were the issues?

The primary issue was the genuineness of purchases made through alleged bogus invoices and the extent of disallowance permissible when corresponding sales are accepted.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

O R D E R This assessee’s appeal for assessment year 2009-10, arises against the Commissioner of Income-tax (Appeals)-09 Kolkata’s order dated 06.06.2019 passed in case No.33/CIT(A)-9/Wd-31(3)2015-16/Kol, involving proceedings u/s. 147 r.w.s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard Shri S.L. Kochar, representing assessee and Shri Jayanta Khanra, senior departmental representative appearing at the Revenue’s behest. Case file perused.

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