9911796707
TMI Blog2021 (5) TMI 422X X X X Extracts X X X X X X X X Extracts X X X X ..... at 12. 5% appears to be on a much higher side. Therefore, direct the assessing officer to restrict the disallowance to 5% of the non genuine purchases. Ground is partly allowed. AO is also directed to give due credit for the advance-tax paid by the assessee after verifying facts and materials on record and in accordance with law. - Decided partly in favour of assessee. - I.T.A. No.4868/Mum/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm, is engaged in the business of trading in non ferrous metal. For the assessment year under dispute, assessee filed its return of income on 14-10-2010 declaring Nil income. The return of income so filed was initially processed under section 143(1) of the Act. Subsequently, the assessing officer received information from the Sales-tax department through the Investigation Wing that purchases wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... challan, lorry receipt, octroi payment, confirmation from transport operators, etc. Further, the notices issued u/s 133(6) of the Act seeking information from the selling dealers returned back unserved. Therefore, the assessing officer concluded that the purchases are non genuine. However, instead of disallowing the entire purchases, the assessing officer disallowed an amount of ₹ 12,16,710 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be on a much higher side. Therefore, I direct the assessing officer to restrict the disallowance to 5% of the non genuine purchases. Ground is partly allowed. The assessing officer is also directed to give due credit for the advance-tax paid by the assessee after verifying facts and materials on record and in accordance with law. 6. In the result, appeal is partly allowed. Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
