9911796707
TMI Blog2022 (6) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmed disallowance of part of the bogus purchases. In such circumstances, it is not a disallowance of expenses merely an estimate basis, but it is a disallowance in respect of a wrong committed by the assessee, which has resulted in furnishing of inaccurate particulars by the assessee. In our opinion, the Ld. CIT(A) has passed a reasoned order and we do not find any infirmity in the same. Accordingly, we uphold the both the impugned orders of the Ld. CIT(A) and dismiss the grounds raised by the assessee - ITA No. 1908/MUM/2021 And ITA No. 1907/MUM/2021 - - - Dated:- 14-6-2022 - Shri Aby T. Varkey (Judicial Member) And Shri Om Prakash Kant (Accountant Member) For the Assessee : None For the Revenue : Mr. Ashish Deharia, DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant finding of the Ld. CIT(A) in assessment year 2010-11 is reproduced as under: I have carefully gone through the Assessment/ Penalty order, grounds of appeal, Statement of facts and written submissions of the appellant which is received through ITBA Portal. Now before me, during the course of appellate proceedings the appellant in his written submission say's that . the assessee has claimed this expenses in their books of AC. AO consist that the sales done by assessee is correct, payments have made in facts bank channels and judiciary also accepted the facts, those transaction never falls under the terms of 271(1)c) or it will not be the income as concealed. In this respect we hold the reliance, CIT vs Reliance Petro P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee to furnish inaccurate particulars. The onus is on the assessee to establish that it had not furnished inaccurate particulars, but the assessee has failed to do so. The case of the assessee falls within the ambit of Section of 271 (1)c) of the I.T. Act, 1961 for furnishing inaccurate particulars. In this respect I hold the reliance upon in the case of CIT Vs. Indian Metals Ferro Alloys Ltd. (1994) 117 CTR (Ori) 378, where it is clearly mentioned that penalty will be imposed, if any inaccuracy in made in books of account or otherwise results in keeping off or hiding a portion of its income which is punishable as furnishing of inaccurate particulars of its income. Further in the case of CIT Vs. Drapco Electric Corporation (Guj), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment of Maharashtra and the assessee failed to substantiate those purchases. Even the efforts made by the Assessing Officer for verification of those purchases by way of issue notice under section 133(6) and 131 of the Income Tax Act could not succeed as those parties were not traceable. The assessee was duly confronted with those facts and was asked to produce those purchase parties, however the assessee failed to do so. In the circumstances both the Ld. CIT(A) and ITAT has confirmed disallowance of part of the bogus purchases. In such circumstances, it is not a disallowance of expenses merely an estimate basis, but it is a disallowance in respect of a wrong committed by the assessee, which has resulted in furnishing of inaccurate par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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