| |
| The Tax Publishers2020 TaxPub(DT) 4835 (Mum-Trib) INCOME TAX ACT, 1961
Section 69C
Since all the primary documents were duly placed on record, including quantitative details of purchases and corresponding sales together with stock register, confirmations from suppliers, etc., therefore, no addition could be made under section 69C by merely placing reliance on statements made by some suppliers and parties before and also when there was no dispute as regards corresponding sales.
|
Income from undisclosed sources - Addition under section 69C - Alleged bogus purchases - Assessee furnished necessary evidences--No dispute as regards corresponding sales
AO on the basis of statement recorded by investigation wing in case of alleged entry operators, treated purchases claimed by assessee as bogus and thus made addition under section 69C.Held: All the primary documents were duly placed on record including quantitative details of purchases and corresponding sales together with stock register, confirmations from suppliers, etc., and hence, no addition could be made under section 69C by merely placing reliance on statements made by some suppliers and parties before and also when there was no dispute as regards corresponding sales.
Followed:CIT v. Odeon Builders Pvt.Ltd. Civil Appeal Nos. 9604-9605 of 2018 dated 21-8-2019 : 2019 TaxPub(DT) 6298 (SC) and Vaman International Pvt.Ltd. ITA No. 1940/2017 dated 29-1-2020 : 2020 TaxPub(DT) 1013 (Bom-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12 & 2014-15
IN THE ITAT, MUMBAI BENCH
 SUBSCRIBE FOR FULL CONTENT
|