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TMI Blog2021 (9) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... a categorical finding that the revenue has accepted the transactions from such parties in the past and the assessee had made purchases on regular basis and these were regular parties from preceding years. In fact the AO has taken cognizance of the opening balances of the purchases pertaining to earlier years which were not corresponding to year under consideration while making the addition. After perusal of the evidences it is found that the assessee has filed proper details before the Assessing Officer and has proved identity, genuineness and creditworthiness of the parties except the purchases made from M/s Apex Marketing Company. Thus, the CIT(A) was correct in reducing the addition to that extent - Decided against revenue. - I.T.A. No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer made addition u/s 40(a)(ia) amounting to ₹ 11,24,186/-, addition on account of bogus purchase amounting to ₹ 3,25,35,521/-, disallowance out of wages and salaries expenses amounting to ₹ 2,00,000/-, disallowance out of telephone expenses amounting to ₹ 34,111/-, addition on account of interest allowed u/s 244A amounting to ₹ 84,882/- and disallowance out of car, vehicle expenses amounting to ₹ 4,06,957/-. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. DR relied upon the assessment order and further submitted that merely giving confirmations cannot be called as proper evidence. In-fact, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ases from parties not found alleged in Inspector Report which were never confronted to assessee during the assessment proceedings on account of alleged bogus purchases. Thus, making profit picture of assessee completely distorted which assessee could not earn in the business as per revenue s own admission in Section 143(3) assessments. The Ld. AR further submitted that the factum of payment made through banking channel is thoroughly undoubted and well accepted facts. The CIT(A) has made the addition of the amounts which did not pertain to period under consideration which is stated to be ₹ 99,76,726/- which is emerging from replies and books available to the Assessing Officer during assessment proceedings. The CIT(A) admitted the ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinent to note that the assessee during the appellate proceedings before the CIT(A) has filed details in respect of identity of the party, address of party, PAN details, mode of payment through banking channel along with copy of bank accounts as well as confirmations of the said accounts except in the case of purchases made from M/s Apex Marketing Company for an amount of ₹ 9,76,321/- and the rest of the evidences related to each party were produced which was never doubted by the Assessing Officer when called for remand report. The CIT(A) has given a categorical finding that the revenue has accepted the transactions from such parties in the past and the assessee had made purchases on regular basis and these were regular parties from p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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