ITO WD 23(2)(4), MUMBAI vs. MUKESH KANTIAL SHAH (HUF), MUMBAI

PDF · subscribers
ITA 6756/MUM/2014Status: DisposedITAT Mumbai19 May 2017AY 2009-1014 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to sustain an addition of 10% of the purchase value as gross profit. The Tribunal found that while the purchases might have been genuine, the assessee likely earned a profit on them, especially considering the overall profitability of the assessee.

What were the facts?

The assessee claimed purchases of Rs. 69,58,432/- from two parties identified as 'hawala' dealers by the Sales Tax department. The Assessing Officer (AO) disallowed these purchases as bogus, as the parties could not be produced and transportation details were not provided.

What were the issues?

Whether purchases from parties identified as 'hawala' dealers are to be disallowed entirely, and if not, what is the appropriate addition for profit on such purchases.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 145(3),Section 69C,Section 69

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, ‘B’ BENCH, MUMBAI

Before: SHRI B.R BASKARAN, AM & SHRI RAVISH SOOD,JM

For Appellant: Shri Devendra H. Jain
For Respondent: Smt. Jyotilakshmi Nayak

Heard together (2 matters)

I.T.A. No.6756/Mum/2014
I.T.A. No.75/Mum/2014

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रयतयलयप अग्रेयषत/Copy of the Order forwarded to :

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →