Latest Income-Tax Details

For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

The assessee an individual engaged in the business of civil contractor filed its original return of income on 30.09.2010 declaring total income of Rs. 65,65,886/-. Under scrutiny, the assessment u/s 143(3) was finalised on 21.03.2013 determining taxable income of Rs. 91,10,260/-. Subsequently upon receiving information that the assessee, during the year under consideration indulged in the acceptance of bogus entries in respect of purchase to the tune of Rs. 1,57,03,048/-, upon invoking provision of section 147 of the Act, notice u/s 148 of the Act was served upon the assessee informing the assessee, the reasons to believe that the income chargeable to tax has escaped assessment for the A.Y. 2010-11. In response thereto, the assessee by and under a letter dated 06.01.2016 objected to such reopening of the assessment. Subsequently, the assessee submitted the ledger copies of the parties mentioned in the reasons for reopening including the copies of bills. The details of payment which were made by the account payee cheques were also brought to the notice of the Assessing Officer. Further that by a subsequent reply dated 19.02.2016 the details of the parties from which the alleged bogus purchases were made were also provided to the Ld. AO. However, the said assessment was finalised upon making disallowance of Rs. 7,22,128/- i.e. 12.5% of the total amount of Rs. 57,77,025/- in respect to the purchases made from M/s. Prince Trading Company and added to the total income of the assessee which was, in turn, reduced to Rs. 2,88,850/- by adopting 5% of the such purchases of Rs. 57,77,025/- by the Ld. CIT(A). Hence the instant appeal before Tribunal.

Shanti Prime Publication Pvt. Ltd.

Sec. 69C of Income Tax Act, 1961—Unexplained Investment—Asstt. CIT vs. SHRI VASTUPAL LAHERCHAND JAIN.[2020] 25 ITCD Online 077 (ITAT-MUMBAI)

Join Whats App Group
Check Your Tax Knowledge
Product Demo
Tax Lok English Viedo
Tax Lok Hindi Viedo
whatsapp with taxlok SUBSCRIBE OUR MAGAZINE

FOR FREE CONDUCTED TOUR OF OUR ON-LINE LIBRARIES WITH OUR REPRESENTATIVE-- CLICK HERE