9911796707
TMI Blog2015 (6) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... AND SHRI T.R. MEENA, AM. Revenue by : Shri Rajesh Ojha (JCIT) ORDER PER: T.R. MEENA, A.M. This is an appeal filed by the revenue against the order dated 12/04/2012 passed by the learned CIT (A)-I, Jaipur for A.Y. 2007-08 The effective grounds of appeal are as under:- "Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) is justified in:- "1 directing to applying g.p. rate of 6.50% and thereby reducing the trading addition to ₹ 13,69,762/- made by the A.O. by disallowing @ 25% unverifiable purchases of ₹ 57,48,691/- though the rejection of books of accounts U/s 145(3) of the I.T. Act, 1961 was upheld. 2. Reducing the addition keeping in view the decision of ld. CIT(A) in the case of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 897/- 4. M/s Gaurav Exports 6,86,130/- 5. M/s Touch Jewels 10,14,794/- 6. M/s Anil Exporters 6,82,664/- 7. M/s Mahaveer Gems & Jewels 3,93,680/- 8. M/s Brigh Jewels 8,12,410/- Total 57,48,691/- He further observed that the aforesaid parties were investigated by the department on receipt of data in respect of banking cash transaction tax and it was found that no such concern exist on the given address. The above parties were only giving accommodation entries and not doing any genuine sale purchase of the gems & jewels. The assessee was asked to produce the above parties alongwith books of account in order to prove the genuineness of transaction. In response to this, the assessee submitted its reply, which was not fou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 71/- to the income of the assessee. 3. Being aggrieved by the order of the learned Assessing Officer, the assessee carried the matter before the learned CIT(A), who had allowed the assessee's appeal partly by observing as under:- "I have carefully perused the order of the A.O. and submissions of the A.R.. The fact of the matter is that during the year the appellant has sown purchases from 8 parties that were found to be non-existent as business entities. Thus, these purchases remained unproved. The Hon'ble ITAT Jaipur Bench has consistently held unverifiable purchases in the case of gem stone traders to be a sufficient justification for rejection of books of accounts u/s 145(3). Therefore, the decision of the A.O. to reject the books of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
