9911796707
TMI Blog2019 (5) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... Brief facts as taken from AY 2011-12 are, during the course of survey u/s 133A at the premises of the assessee on 08/02/2011, blank letter heads in the name of various concerns apparently located at Delhi were found. Upon questioning, the assessee could not provide proper answers. 2.1 The details of expenditure booked in the name of the concerns during the year is as follows: 1. Sheetal Enterprises Rs. 8,30,45,016 2. Marco Enterprises Rs. 3,35,98,243 3. Rajinder Construction Rs. 9,24,24,033 4. Poonam Enterprises Rs. 76,23,316 5. Rishabh Trade Metallic Pvt. Ltd. Rs. - 6. Raj Traders Rs. - Total Rs. 21,66,90,608 2.2 The AO observed that during the current assessment proceedings, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actors payments to the above parties amounting to Rs. 21,66,90,608/- and added to the income of the assessee. 3. Aggrieved by the order of AO, the assessee preferred an appeal before the CIT(A) and the before the CIT(A), inter-alia, submitted that the issue involved in this appeal is squarely covered by the decision of the coordinate bench of this Tribunal in assessee's own case for AY 2008-09 wherein it was held that 15% of such expenditure can be disallowed instead of 100% expenditure disallowed by the AO. 4. The CIT(A) after considering the submissions of the assessee and following the decision of the coordinate bench in assessee's own case for AY 2008-09 (supra) directed the AO to disallow the expenditure to the extent of 15% out of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * Mere furnishing of basic details of the parties does not amount to discharge of burden of proof on the part of the assessee in the light of the compelling facts and circumstances of the case. * Analysis of the bank account copies of the parties revealed suspicious aspects which have not been answered. * All facts clearly show that the entities merely accommodated the transactions / entries and have meager asset bases. * In the assessment proceedings, the assessee surrendered the payments made and agreed for the taxation of the same. Later, however, retracted by agitating over the matter in the appeal. * With admission, there was nothing further to be done by the AO. In any case, on the basis of the details provided, all poss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. In the instant case, stich initial onus and burden of proof has been duly discharged by the Assessee Company by producing its audited books of accounts, payment vouchers-and other documents giving full details as to the nature of transactions, which necessitated the payment of such subcontract works and that this :vas an accepted norm and established in this line of business and that without such payment, it was not possible to survive in this line of business, as well as the prevalent trade practice in the line of business carried on by the Assessee Company all along. However, in this case the inflating of expenditure by the assessee cannot be ruled out. Considering the entire facts and circumstance of the case and chances of inflating ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
