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2 results for “bogus purchases”+ Section 26(1)(iii)clear

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Key Topics

Section 2632Section 143(2)2Section 143(3)2Section 1472Section 133(6)2

M/S MANISH FINLEASE (P) LTD,PATNA vs. ITO, WARD-2(1), PATNA

ITA 25/PAT/2019[2010-11]Status: DisposedITAT Patna09 Aug 2019AY 2010-11

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. Ito, Ward 2(1), Patna Chandi House Exhibition Road, Patna Pan/Gir No.Aaccm 6252 B (Appellant) .. ( Respondent) Assessee By : Shri A.K.Rastogi & Rakesh Kumar, Ars Revenue By : Shri Indrajeet Singh, Dr Date Of Hearing : 20/06/ 2019 Date Of Pronouncement : 09/08/ 2019 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Cit(A)-1, Patna Dated 27.9.2018 For The Assessment Year 2010-2011. 2. The Appeal Filed By The Assessee Is Delayed By 51 Days. The Assessee Has Filed Application For Condonation Of Delay Stating The Reasons For Not Filing The Appeal In Time Before The Tribunal. After Hearing The Submissions Of The Parties, We Are Satisfied That The Assessee Had A Bonafide Reason For Not Filing The Appeal In Time. Therefore, We Condone The Delay & Proceed To Decide The Appeal Of The Assessee On Merits.

For Appellant: Shri A.K.Rastogi & Rakesh Kumar, ARsFor Respondent: Shri Indrajeet Singh, DR
Section 133(6)Section 143(2)Section 143(3)Section 147Section 148(1)Section 68

iii) Cash & Bank Balances Rs.597,036.00 iv) Loans & Advances Rs.5,620,000.00 Total Rs.170,211,036.00 We further observed that the assessee as per share application form had applied for 10,000 shares at a Rs.100/- i.e. for Rs.10,00,000/- and nil return of income has been filed and the assessee has not submitted any trading profit and loss

BBCPL-SKPL (JV),JAMUI vs. PCIT CENTRAL, PATNA

In the result, the appeal of the assessee is allowed

ITA 124/PAT/2023[2018-19]Status: DisposedITAT Patna17 Apr 2024AY 2018-19

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 127Section 142(1)Section 143(2)Section 143(3)Section 263

26,19,348/-). It is clarified here that all deduction allowable under the provisions of sections 30 to 38 shall be deemed to have already been given full effect to and no further deduction under those sections shall be allowed. Further, assessee has received interest income of Rs.19,44,075/- and incentive income of Rs.1,27,810/- during the year