SHRI PREM INDUSTRIES,BHARATPUR vs. INCOME TAX OFFICER WARD-1, BHARATPUR

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ITA 877/JPR/2024Status: DisposedITAT Jaipur29 November 2024AY 2018-19Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the assessee failed to discharge its onus to prove the genuineness of the purchase transactions and that the goods were likely received from a different source. The Tribunal noted that the assessee had inflated expenditure by showing higher purchase prices through fictitious invoices.

What were the facts?

The assessee, Shri Prem Industries, engaged in manufacturing and trading of oil and oil cake, filed its return of income. The Assessing Officer (AO) made additions to the total taxable income on account of unexplained purchases from two entities, M/s Sweekar Udyog and M/s Shiv Agro Sales.

What were the issues?

Whether the purchases made from the two entities were genuine and whether the additions made by the AO under Section 69C were justified.

Which sections of the Income-tax Act were involved?

Section 147,Section 144B,Section 271AC(1),Section 69C

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B-Bench” JAIPUR

Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA. No. 877/JPR/2024

Hearing: 27/11/2024Pronounced: 29/11/2024

Result

51.

As a result, the appeal is disposed of, and the matter is remanded to the Assessing Officer for the purposes of recalculations in view of the findings recorded above and having regard to the well settled law on the point percentage of bogus purchases and/or Gross Profit of course, after providing opportunity to the assessee-appellant to produce there all the relevant and admissible material, in accordance with law, so as to enable the Assessing Officer to give effect to the decision.

1.

Order pronounced in the open court on 29/11/2024. Sd/- Sd/- ¼jkBkSM+ deys'k t;UrHkkbZ ½ ¼ujsUnz dqekj½ (RATHOD KAMLESH JAYANTBHAI) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Shri Prem Industries vs. ITO Tk;iqj@Jaipur fnukad@Dated:-29/11/2024 *Ganesh Kumar, Sr. PS आदेश की प्रतिलिपिअग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू The Appellant- Shri Prem Industries, Bharatpur 1. izR;FkhZ@ The Respondent- ITO, Ward-1, Bharatpur 2. vk;djvk;qDr@ The ld CIT 3. विभागीय प्रतिनिधि] आयकरअपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 4. 5. xkMZQkbZy@ Guard File vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेजज. त्महपेजतंत

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