MS USHA TUBUS & PIPES PVT LTD.,,VISAKHAPATNAM vs. THE ACIT,, VISAKHAPATNAM
In the result, the appeal of the assessee is allowed
ITA 48/VIZ/2015[2004-05]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2004-05
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.48/Viz/2015 (धििाारण िर्ा/ Assessment Year: 2004-2005) M/S Usha Tubes & Pipes Pvt. Ltd. Vs. Asst.Commissioner Of D.No.11-8-34 Income Tax Daspalla Hills Cicle-5(1) Visakhapatnam Visakhapatnam [Pan : Aaacu4259N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)
For Appellant: Shri G.V.N.Hari, ARFor Respondent: Smt. Suman Malik, DR
Section 143(1)Section 271(1)(c)Section 43(5)Section 73
section 271(1)(c) is applicable and the onus is on the assessee to establish the transaction as bonafide transaction. In this case, the assessee did not establish the transaction as genuine. Therefore, argued that the Ld.CIT(A) has rightly confirmed the penalty and no interference is called for in the order of the Ld.CIT(A).
8. We have heard
