9911796707
TMI Blog2022 (3) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal in assessee's own case [ 2019 (3) TMI 1958 - ITAT MUMBAI] wherein the purchases made from the similar parties were restored back to the file of the ld. AO for denovo adjudication. Both the parties before us fairly agreed that let this entire appeal to be restored to the file of the ld. AO for denovo adjudication. In view of the aforesaid facts and in light of the Tribunal decision in A.Y. 2008-09 and in view of the fact that both the parties had consented to the decision, we deem it fit and appropriate to restore this entire appeal to the file of ld. AO for denovo adjudication in accordance with law. Grounds raised by the assessee as well as by the Revenue are allowed for statistical purposes. - ITA Nos. 3797/Mum/2017 , 5323 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f by this common order for the sake of convenience. 3. We find that assessee is a public limited company engaged in the business of trading in diamonds and in the manufacture and sale of diamond studded jewellery. The assessee filed its return of income for the A.Y. 2007-08 on 23/10/2007 declaring total income of ₹ 47,71,911/-. Thereafter, a revised return was filed on 10/09/2008 revising the income to ₹ 1,52,84,540/-. The assessment was completed u/s. 143(3) of the Act on 14/12/2009 determining total income at ₹ 1,53,81,380/-. Subsequently, information was received to the effect that assessee had taken certain accommodation entries from group companies/concerns which were controlled and managed by Shri Rajendra Sohanla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vitrag Jewels ( controlled and managed by Mudit Karnawat ) 6,18,55,498/- 3 Sun Diam ( controlled and managed by Rajendra Jain and Manish Jain) 1,63,89,533/- 4 Moulimani Impex Pvt Ltd (controlled and managed by Rajendra Jain Sachin Pareek) 13,45,624/- Total 15,13,32,594/- 3.2. The assessee furnished the following documents to prove the fact that the purchases made from aforesaid parties are genuine:- 1) Detail of goods purchases alongwith copy of Affidavit given by Mr. Rajendra Jain, Partner of M/s. Avi Exports confi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Consequently, a subsequent statement on oath would carry more credence compared to a statement given on a earlier date, and in particular when the earlier statement is already retracted. 3.3. The ld. AO however, disregarded the aforesaid contentions of the assessee and proceeded to make 100% disallowance on account of bogus purchases made from aforesaid four parties amounting to ₹ 15,13,32,594/-. 3.4. We find that the ld. AO also observed that assessee had made purchases from other parties also which were sought to be verified by him. Notice u/s. 133(6) of the Act was issued to 28 suppliers. In response to the notice issued, the replies were received in case of 12 suppliers which were reconciled with the submissions filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said premises 4 Uniquestar Gems (I) FM Ltd Tara Niwas has been taken for complete repairs and no one present at the said premises 5 Mayur Gems Found to be closed, served by affixture 6 Mangalam Exports Found to be dosed, served by affixture 7 Shikha Diamonds Pvt Ltd Found to be closed, served by affixture 8 Mohit Gems Found to be occupied by some other concern 9 Dharmi Impex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal to be restored to the file of the ld. AO for denovo adjudication. In view of the aforesaid facts and in light of the Tribunal decision in A.Y. 2008-09 and in view of the fact that both the parties had consented to the decision, we deem it fit and appropriate to restore this entire appeal to the file of ld. AO for denovo adjudication in accordance with law. The assessee is at liberty to furnish additional evidences, if any, in support of its contentions. Needless to mention that the assessee be given reasonable opportunity of being heard. The ld. AO is hereby directed to dispose of the set aside assessment in accordance with law uninfluenced by the decision taken earlier by him or by the ld. CIT(A) in the case of the assessee. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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