ASHOK BHANSALI, MUMBAI V. ITO 20(1)(2), MUMBAI

ITA 1174/MUM/2017

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 0646 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 16-05-2017
• Assessment Year: 2009-2010
• Appeal Filed On: 20-02-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B SATYANARAYANA RAJU
• Assessee Lawyers: NAVEEN KUMAR MISHRA
• Keywords: Bogus purchase
• Section: 147

Judgement Text

, SMC , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES SMC, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER ITA NO.1174/MUM/2017 : ASST.YEAR 2009-2010 SHRI ASHOK BHANSALI 74/11, NAVJEEVAN SOCIETY LAMINGTON ROAD, MUMBAI 400 008. PAN : AAIPB3491Q. / VS. THE INCOME TAX OFFICER WARD 20(1)(2) MUMBAI. ( / APPELLANT) ( / RESPONDENT) /APPELLANT BY : SHRI NAVEEN KUMAR MISHRA /RESPONDENT BY : SHRI B.SATYANARAYANA RAJU / DATE OF HEARING : 16.05.2017 / DATE OF PRONOUNCEMENT : 16.05.2017 / O R D E R THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST ORDER OF LEARNED CIT(A) DATED 22.12.2016 AND PERTAINS TO ASSESSMENT YEAR 2009-10. 2. THE GROUNDS OF APPEAL READ AS UNDER:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE HONBLE CIT(A) ERRED IN UPHOLDING THE ASSESSING OFFICERS ACTION IN REOPENING THE ASSESSMENT U/S 147 OF THE IT ACT 1961 AND THE REASON ASSIGNED FOR DOING SO ARE WRONG AND CONTRARY TO THE PROVISION OF INCOME TAX ACT AND RULES MADE THERE UNDER. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE HONBLE CIT(A) WRONGLY ERRED IN DIRECTING THE LD AO TO ESTIMATE PROFIT @ 3.05% OF THE ALLEGED BOGUS PURCHASE AS UNEXPLAINED INCOME AND THE REASONS ASSIGNED FOR DOING SO ARE WRONG AND CONTRARY TO THE PROVISION OF INCOME TAX AND RULES MADE THERE UNDER. 3. THE APPELLANT CRAVES LEAVE TO ADD TO, AMEND, ALTER OR DELETE ANY OF THE ABOVE GROUNDS OF APPEAL ON OR BEFORE THE DATE OF HEARING. ITA NO.1174/MUM/2017. SHRI ASHOK BHANSALI 2 3. IN THIS CASE, ON ACCOUNT OF BOGUS PURCHASES, THE ASSESSING OFFICER HAS ESTIMATED A PROFIT OF 12.5% OF THE TOTAL AMOUNT OF PURCHASES. THE LEARNED CIT(A) HAS RESTRICTED THE ESTIMATED PROFIT TO 3.05%, AGAINST THIS ORDER, THE ASSESSEE IS IN APPEAL BEFORE THE ITAT. 4. AT THE OUTSET, THE LEARNED COUNSEL OF THE ASSESSEE SUBMITTED THAT HE DID NOT WISH TO PRESS THIS APPEAL AND WANTED TO WITHDRAW THE APPEAL UNDER CONSIDERATION. THE ASSESSEE IS PERMITTED TO WITHDRAW THE APPEAL. ACCORDINGLY, THIS APPEAL IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, THIS APPEAL FILED BY THE ASSESSEE STANDS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED ON THIS 16 TH DAY OF MAY, 2017. SD/- ( SHAMIM YAHYA ) / ACCOUNTANT MEMBER MUMBAI; DATED : 16 TH MAY, 2017. DEVDAS* / COPY OF THE ORDER FORWARDED TO : / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT, MUMBAI. 4. / CIT(A)-32, MUMBAI 5. , , / DR, ITAT, MUMBAI 6. [ / GUARD FILE.