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| The Tax Publishers2020 TaxPub(DT) 4061 (Del-Trib) INCOME TAX ACT, 1961
Section 69
Where AO made addition for bogus purchases on basis of survey conducted under section 133A on one S and his concerns, considering fact that revenue accepted transaction with S to be genuine in group case of assessee, the same could not be agitated or doubted in the assessee's case.
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Income from undisclosed sources - Bogus purchases - Transactions in question accepted to be genuine in group case of assessee -
AO made addition on account of bogus purchases made by assessee. Addition was made on basis of survey conducted by DGIT (Inv) under section 133A on one S and his concerns, wherein statement were also recorded under section 133A and under section 131. Activities as to providing accommodation entries of sale and purchase were accepted.Held: Once revenue accepted transaction with S to be genuine in group case of assessee, the same could not be agitated or doubted in the assessee's case and, therefore, CIT(A) rightly deleted the addition by placing reliance on the assessment order in the case of group concern. Similar allegation was also made in case of the assessee, among other allegations, in the earlier assessment years when it had made purchase from a concern said to have been controlled by S and assessee approached Settlement Commission for settlement of its case and said transactions were held to be genuine by Settlement Commission.
REFERRED : CIT v. Surendra Buildtechn Pvt Ltd [ITA 141/2012, dt. 17-5-2012].
FAVOUR : In assessee's favour.
A.Y. : 2013-14
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