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The Tax Publishers2021 TaxPub(DT) 0009 (Del-Trib) INCOME TAX ACT, 1961
Section 143(3)
In absence of bills/invoices or vouchers for the purchase of fixed assets, purchase of those assets could not be verified. For proper verification, it was required that each entry of fixed assets added was to be seen along with the relevant bill/invoice of purchase, installation, delivery note, etc. AO was directed accordingly.
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Assessment - Disallowance - Disallowance on account of purchase of unverified fixed assets and depreciation thereon -
Assessee was engaged in the business of manufacturing and trading of aerated and non-aerated beverages products. AO made disallowance on account of purchase of unverified fixed assets and depreciation thereon. Held: It is undisputed that books of account and bills/vouchers were not produced either before AO or CIT(A). Assessee had only produced Tax Auditor Report in Form No. 3CD which contained a list of the items of fixed asset added during the year along with the amount, that too in respect of Visicoolers and bolltes only. Assessee only referred to few sample copies of the invoices for purchase of fixed assets and no complete invoices were produced. In absence of bills/invoices or vouchers for the purchase of fixed assets, purchase of those assets could not be verified. For proper verification, it was required that each entry of fixed assets added was to be seen along with the relevant bill/invoice of purchase, installation, delivery note, etc. AO was directed accordingly.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 143
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