HIRALAL MOTILAL JEWELLERS,KOLKATA vs. ACIT, CIRCLE - 43, KOLKATA , KOLKATA
In the result, the appeal of the assessee is allowed
ITA 104/KOL/2018[2007-08]Status: DisposedITAT Kolkata24 May 2018AY 2007-08
Bench: Shri P.M. Jagtap, Am] I.T.A. No. 104/Kol/2018 Assessment Year: 2007-08 Hiralal Motila Jewellers................................………………………………………...............Appellant C/O D.J. Shah & Co., Kalyan Bhavan, 2, Elgin Road, Kolkata – 700 020 [Pan: Aadfh 8943 E] Acit Circle 43 Kolkata...................……………………………………………..................Respondent 3, Govt. Place (West), Kolkata – 700 001. Appearances By: Shri Miraj D. Shah, Ar Appearing On Behalf Of The Assessee. Shri A.K. Bandopadhya, Addl. Cit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 11, 2018 Date Of Pronouncing The Order : May 24, 2018 Order This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit (Appeals) – 13, Kolkata Dated 25.09.2017. 2. The Assessee In The Present Case Is A Partnership Firm Which Is Carrying On The Business Of Jewelers. The Return Of Income For The Year Under Consideration Was Filed By It Originally On 31.10.2007 Declaring A Total Income Of Rs. 5,20,450/-. The Said Return Was Initially Accepted By The A.O. Under Section U/S 143(1) On 27.02.2009. The A.O, Thereafter Received Information That M/S. Vitrag Jewels Was One Of The Firms Providing Bogus Entries. In His Statement Recorded By The Department, Shri Rajendra Jain, Employee Of The Said Concern Confessed That He Was Managing Various Concerns In Order To Provide Bogus Sale Bills To Domestic Concerns For The Diamonds. He Stated That The Concerns Which Were Purchasing Diamond In Cash From Grey
Section 143(1)Section 143(3)Section 148
section 143(3)/147 on the ground that the reopening of assessment itself was invalid while in ground no 3 and 4, the assessee has challenged the addition of Rs. 12,39,532/- made by the A.O. and confirmed by the Ld. CIT(A) on account of the alleged bogus purchase of diamonds.
5. I have heard the arguments
