DEEPAK RAMCHAND TECKWANI,MUMBAI vs. ITO 2(1), KALYAN

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ITA 4029/MUM/2017Status: DisposedITAT Mumbai19 September 2018AY 2011-126 pages
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What did the Tribunal hold?

The Tribunal held that while the assessee failed to prove genuineness, the addition sustained by the CIT(A) was on the higher side. Following Gujarat High Court's precedent, the addition was restricted to 12.5% of the bogus purchases.

What were the facts?

The assessee declared income but the assessment was re-opened based on information about bogus purchase bills. The assessee failed to prove the genuineness of purchases from certain parties.

What were the issues?

Whether the entire amount of bogus purchases should be added to the income, or only the profit element embedded in such purchases.

Which sections of the Income-tax Act were involved?

Section 69C,Section 143(3),Section 147,Section 148

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

Before: SHRI R.C. SHARMA (AM) & SHRI RAM LAL NEGI (JM)

For Respondent: Shri Chaitanya Anjaria (DR)
Hearing: 11/09/2018Pronounced: 19/09/2018

आदेश प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी / The Appellant प्रत्यर्थी / The Respondent. 2.

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