2018 (9) TMI 1681

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..... nt. Held that:- If, as held by the Assessing Officer that, these purchases are both unverifiable and not debited to the assessee’s profit and loss account, then the same could not be disallowed as no claim for such debit has been claimed by the assessee in the profit and loss account. In this factual view of the matter, as per the peculiar facts and circumstances of the case on hand, we delet .....

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..... was processed under Section 143(1) of the Income Tax Act, 1961 (in short 'the Act') and the case was subsequently taken up for scrutiny in the year under consideration. The assessment was concluded under Section 143(3) of the Act vide order dt.313.2015, wherein the assessee's income was determined at ₹ 16,82,287 in view of the following additions / disallowances :- .....

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..... rounds 1 4 being general in nature, no adjudication is called for therein. 5. Ground No.2 Disallowance of Bogus Purchases. 5.1 In the above ground at S.No.2 (supra) is raised in respect of the solitary issue of the disallowance of payments towards purchase of jowar amounting to ₹ 10,00,538 as being bogus. 5.2 According to the learned Authorised Representative for the ass .....

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..... ing with accounting principles, the disallowance is to be deleted. 5.3 Per contra, the learned Departmental Representative for Revenue supported the orders of the authorities below. 5.4.1 We have heard the rival contentions, perused and carefully considered the material on record. In the order of assessment, the Assessing Officer while making he said disallowance of ₹ 10,00,538 on acco .....

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..... as per the peculiar facts and circumstances of the case on hand, we delete the aforesaid disallowance of ₹ 10,00,538 made by the Assessing Officer. Consequently, Ground No.2 of the assessee's appeal is allowed. 6. In view of our aforesaid finding with respect to Ground No.2 (supra) deleting the disallowance made and thereby addressing the assessee's grievance, the alternate claim .....

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