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4 results for “bogus purchases”+ Bogus/Accommodation Entryclear

Sorted by relevance

Delhi54Mumbai46Kolkata16Hyderabad6Raipur5Surat4Jaipur4Bangalore4Ahmedabad3Agra2Indore1

Key Topics

Section 14811Section 1477Addition to Income4Bogus Purchases3Reassessment3Section 145(3)2Section 1432Section 682Disallowance2

SHRI SUNDER DAS SONKIA,JAIPUR vs. ITO, WARD 1(2), JAIPUR

In the result, the appeal of the assessee is allowed partly and the appeal of the Revenue is dismissed

ITA 1383/JPR/2019[2010-11]Status: DisposedITAT Jaipur18 Jan 2021AY 2010-11

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 1383/Jp/2019 Assessment Year: 2010-11 Shri Sunder Das Sonkia, Cuke I.T.O., Vs. Sonkia Bhawan, Sms, Highway, Ward-1(2), Jaipur. Jaipur. Pan No.: Akhps 7413 G Vihykfkhz@Appellant Izr;Fkhz@Respondent Vk;Dj Vihy La-@Ita No. 09/Jp/2020 Assessment Year: 2010-11 I.T.O., Cuke Shri Sunder Das Sonkhiya, Vs. Ward-1(2), Prop.- M/S Naveen Jewellers, Jaipur. Sonkhiya Bhawan, Chaura Rasta, Jaipur. Pan No.: Akhps 7413 G Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri S.R. Sharma (Ca) & Shri Rajnikant Bhatra (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Rooni Paul (Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 02/12/2020 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 18/01/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. These Are The Appeal Filed By The Assessee & The Cross Appeal Filed By The Revenue Arise Against The Order Of The Ld. Cit(A)-4, Jaipur Dated 08/11/2019 For The A.Y. 2010-11. The Grounds Taken By The Assessee & The Revenue Are As Under:

For Appellant: Shri S.R. Sharma (CA) &For Respondent: Smt. Rooni Paul (Addl.CIT)
Section 132Section 143Section 143(3)Section 145(3)
Bogus/Accommodation Entry2
Reopening of Assessment2
Survey u/s 133A2
Section 147
Section 148

entry of Rs. 11,60,43,373/- in the nature of bogus purchases from four companies. The A.O. has not examined the information received by him to verify whether assessee has made any purchases from these parties and whether the same is reflected in the accounts or not. The reasons recorded are vague, all consequent proceeding are also illegal

DAMODAR OIL MILLS COMPANY PVT. LTD.,JAIPUR vs. ITO, JAIPUR

In the result, appeal of the assessee is allowed

ITA 515/JPR/2016[2007-08]Status: DisposedITAT Jaipur10 May 2018AY 2007-08

Bench: The Itat By Taking Following

For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Seema Meena (JCIT)
Section 147Section 148Section 68

bogus/accommodation entries provided by certain individuals/companies, without applying his own mind, he was not justified in invoking jurisdiction u/s 147. S.P Agarwalla alias Sukhdeo Prasad AgarwallaVs.ITO 104 ITR 1040 (Kol.)(HC) It is held that mere confessional statement by a third party (who is lender of assessee) that he was a mere name lender and that all his transactions

MERTA OIL MILLS COMPANY PVT. LTD.,JAIPUR vs. ITO, JAIPUR

In the result, appeal of the assessee is allowed

ITA 516/JPR/2016[2007-08]Status: DisposedITAT Jaipur10 May 2018AY 2007-08
For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Seema Meena (JCIT)
Section 147Section 148Section 68

bogus/accommodation entries provided by certain individuals/companies, without applying his own mind, he was not justified in invoking jurisdiction u/s 147. S.P Agarwalla alias Sukhdeo Prasad AgarwallaVs.ITO 104 ITR 1040 (Kol.)(HC) It is held that mere confessional statement by a third party (who is lender of assessee) that he was a mere name lender and that all his transactions

DCIT, CIRCLE-2, JAIPUR vs. M/S PYRAMID TRADELINKS PVT. LTD., JAIPUR

In the result, the appeal of the Revenue is dismissed

ITA 512/JPR/2015[2011-12]Status: DisposedITAT Jaipur27 Jul 2017AY 2011-12
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri D.C. Kothari (CIT)

purchased loss as it was having profits in MCX is also not correct. The assessee company was engaged in the business, the nature of which is speculative which is highly risky. The prices of commodities are influenced by various factors on which the traders do not have any control. Some time there are huge fluctuations in the prices of commodities