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TMI Blog2017 (3) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed under section 263 of the Act. In view of the above discussion, it of the view that section 40A(3) has to be applied and the disallowance restricted to this amount. - Decided partly in favour of assessee - I.T.A. No. 1228/KOL/ 2016 - - - Dated:- 28-2-2017 - Shri J . Sudhakar Reddy, Accountant Member For The Assessee : Shri A.K. Tibrewal, FCA, For The Respondent : Md. Ghayas Uddin, JCIT, Sr. D.R. ORDER This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-13, Kolkata dated 29.02.2016 for the assessment year 2009-10 on the following grounds: - (1) That, the learned Commission of Income Tax (Appeals) had failed to appreciate that the impugned assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted under sect ion 143(3) of the Act on 22.11.2011 determining total income at ₹ 1,61,255/-. Subsequently, the ld. CIT, Kolkata-XV by his order dated 06.03.2014 passed under section 263 of the Income Tax Act, 1961 ( the Act ) set aside the original assessment order and directed the Assessing Officer to pass a fresh assessment order after examining the relevant issues and after allowing the assessee an opportunity in this regard. The Assessing Officer in pursuance to this order passed under section 263 passed a fresh assessment order under section 143(3) read with section 263 on 17.06.2014, determining the total income at ₹ 39,57,121/-, inter alia, making an addition of ₹ 37,95,866/- towards bogus purchases from one M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss and creditability of M/s. Apex Traders, Kolkata as this party was not traceable and as the payments made by the assessee to this party is not documented by any evidence. He further submits as fol lows:- (a) The Prof it Loss Account of the assessee is not disturbed. (b) Stock summary has been furnished disclosing purchase of material as well as sale of material and closing stock and none of these figures were disturbed. (c) Copy of certificate of registration in Form B from the Central Sales Tax Department was furnished, which is placed at pages 31 32 of the paper book. (d) Copies of bills received from M/s. Apex Traders were furnished at pages 34 to 41 of the paper book. (e) Purchases of the goods from M/s. Apex Trader ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not challenged this order. He argued that the assessee has lost his right to challenge this issue as he has accepted the order passed by the ld. CIT under section 263 of the Act. He further argued that the assessee failed to produce evidence of existence of M/s. Apex Traders despite numerous opportunities. He pointed out that enquiries made by the Revenue by issuing notices under section 133(6) of the Act and by deputing the Inspector of Income Tax resulted in coming to a conclusion that M/s. Apex Traders does not exist. On quantitative tally etc. he submitted that the Assessing Officer has not specifically accepted them. 7. After hearing the rival contentions and considering all the papers on record as well as the orders of the author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r: The assessee also produced bills in respect of all purchase made from these 15 parties and finally the ld. CIT(A) has held as regards the purchase, it is seen that these were recorded in the stock register, their consumption is also recorded therein, up to the stage of final product ion. Al l these records are audited. They are produced before the Assessing Officer for examination who had not been able to point out any defect in it. Under the circumstances the purchases are considered to be genuine. So the purchases have been held to be genuine. Accordingly, in our opinion, the learned Tribunal has correctly came to the conclusion by deleting the addition of ₹ 15,69,116/- under sect ion 40A(3) of the Act. On the other ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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