INCOME TAX OFFICER 25(3)(1), MUMBAI vs. SHEETAL EXPORTS , MUMBAI
In the result, the appeal of the revenue is dismissed
ITA 2987/MUM/2022[2009-2010]Status: DisposedITAT Mumbai31 Jan 2023AY 2009-2010
Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2987/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2009-10) Income Tax Officer-25(3)(1), बिधम/ Sheetal Exports 2Nd Floor, Room No. 233, 202 Triveni 21 Lajpatrai Vs. Kautilya Bhavan G. Block, Road, Vile Parle (W) Bandra Kurla Complex, Mumbai-400056 Bandra (E) Mumbai- 400051 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Abgfs0869L (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Amit C. Zaveri & Dharmil Zaveri Revenue By: Shri Sanjeev Ranjan (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 23/01/2023 घोषणा की तारीख /Date Of Pronouncement: 31/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Action Of The Ld. Commissioner Of Income Tax Directing The Ao To Restrict Addition Made U/S 68 Of The Income Tax Act 1961, (Hereinafter “The Act”) To The Tune Of Rs. 2,67,00,986/- From 100% To 3% Of The Bogus Purchases Made Of Rs. 2,67,00,986/-.
For Appellant: Shri Amit C. Zaveri & DharmilFor Respondent: Shri Sanjeev Ranjan (Sr. AR)
Section 68
bogus/accommodation entries, but since the AO has accepted the sales (turn-over) of trading shown by the assessee, the entire purchases shown by assessee to the tune of Rs.2,67,00,986/- cannot be disallowed because without purchases, there cannot be sales. So the Ld. CIT(A) has presumed that the assessee would have purchased the goods from the grey
