FAGIOLI INDIA P.LTD,MUMBAI vs. ASST CIT (HQ)(JDL) CIT-14,

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ITA 2094/MUM/2017Status: DisposedITAT Mumbai18 September 2017AY 2011-123 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 Tribunal found that the addition of 12.5% of alleged bogus purchases was reasonable and covered the profit element. No new evidence was presented to deviate from the lower authorities' findings.

What were the facts?

The Assessing Officer (AO) made an addition of 12.5% of purchases, treating them as bogus. The CIT(A) confirmed this addition. The assessee appealed against this confirmation.

What were the issues?

Whether the addition of 12.5% of purchases, treated as bogus by the AO and confirmed by the CIT(A), is justified.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “J”, BENCH MUMBAI

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

For Appellant: Ms. Neha Paranjpe
For Respondent: Ms. Arju Garodia
Hearing: 24/08/2017Pronounced: 18/09/2017

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)- 22, Mumbai dated 19/01/2017 for the A.Y.2011-12 in the matter of order passed u/s.143(3) of the IT Act. 2. The following grounds have been taken by the assessee:- The learned Commission of Income-tax (Appeals) erred in confirming the addition to the extent of 12.5% of the purchases of Rs.20,81,882/- added by the Assessing Officer as bogus purchases. Your appellants submit that even 12.5% of Rs.20,81,882/- i.e., Rs.2,60,235/- ought not to be added to the income of the appellants and the entire addition on account of purchases ought to have been and be deleted.

3.

Rival contentions have been heard and record perused.

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