CMS COMPUTERS LTD,MUMBAI vs. ASST CIT CEN CIR 3(2), MUMBAI

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ITA 3763/MUM/2017Status: DisposedITAT Mumbai24 September 2018AY 2009-103 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) restricted the addition to 12.5% of the bogus purchases, estimating profit on the basis that corresponding sales were accepted. The Tribunal found no reason to interfere with this decision.

What were the facts?

The assessee declared a loss, but the AO received information about bogus purchases from sales tax authorities. The AO added the entire amount of these bogus purchases to the assessee's income.

What were the issues?

Whether the addition for bogus purchases should be the entire amount or only the estimated profit margin. Whether the CIT(A)'s estimation of profit at 12.5% was justified.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C”, BENCH MUMBAI

Before: SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM

For Respondent: Shri Abi Rama Karthikeyan
Hearing: 24/09/2018Pronounced: 24/09/2018

आदेश / O R D E R PER R.C.SHARMA (A.M):

This is an appeal filed by the assessee against the order of CIT(A)- 51, Mumbai dated 22/03/2017 for A.Y.2009-10 in the matter of order passed u/s.143(3) r.w.s. 147 of the IT Act. 2. The grievance of assessee relates to upholding the addition of 12.5% in respect of bogus purchases. Nobody appeared on behalf of the assessee inspite of giving the opportunity, the Bench, therefore, decided to dispose of the appeal after hearing learned DR and considering the material placed on record.

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