9911796707
TMI Blog2014 (5) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... P&L account, it was for the AO to call for the explanation of the difference during assessment proceedings - During proceedings u/s 154, the AO made the addition without even considering the assessee’s explanation wherein the assessee has furnished the correct list of purchase account giving party-wise details – Decided against Revenue. - ITA No. 4287/Del/2012 - - - Dated:- 30-4-2014 - Shri G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase in the profit loss account is amounting to Rs.6,67,20,28,293/- whereas as per details provided during assessment proceedings, the purchases were shown at Rs.6,67,09,52,075/-. The difference was Rs.10,76,218/-. As per Assessing Officer, since there was a difference in the purchases, there was under assessment to that extent. As per Assessing Officer, no one appeared on behalf of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned counsel that in response to notice under Section 154, the assessee furnished the reply before the Assessing Officer on 22.02.2010. He has produced the photocopy of the application which also bears the seal of acknowledgement from the Income Tax Department showing the receipt of the said letter on 22.02.2010. In the said letter, the assessee submitted the following clarification:- With ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee also furnished the revised details of party-wise purchases which matches with the profit loss account. Copy of the same is placed at pages 3 to 15 of the assessee s paper book. It was also submitted by the learned counsel that the assessee has a turnover of Rs.660 crores. Its accounts are duly audited and the total purchases were from 686 parties. If while giving the party-wise de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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