The Tax Publishers2020 TaxPub(DT) 4727 (Mum-Trib)

INCOME TAX ACT, 1961

Section 69C

Assessee by filing various details in the form of purchase bills from concerned parties, account confirmations, bank statements, ITR acknowledgement, balance sheet and profit and loss account of those parties, etc., discharged onus to prove genuineness of impugend purchases. Accordingly, AO was not justified in making addition merely relying upon general statement recorded by investigation wing and that too, without making independent enquiry by issuing notices under section 133(6) to all the suppliers.

Income from undisclosed sources - Addition under section 69C - Purchases alleged as bogus - Assessee proved purchase by genuineness

AO based on information emanated from investigation wing, treated purchases claimed by assessee as bogus and made addition under section 69C. Held: Assessee by filing various details in the form of purchase bills from concerned parties, account confirmations, bank statements, ITR acknowledgement, balance sheet and profit and loss account of those parties, etc., discharged onus to prove genuineness of impugend purchases. Even, AO had done independent enquiry by issuing notices under section 133(6) to all the suppliers were duly served upon suppliers and they also responded by filing their replies duly confirming the transactions. Accordingly, AO was not justified in making addition merely relying upon general statement recorded by investigation wing.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2008-09


INCOME TAX ACT, 1961

Section 268A

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