ITO 8(2)(2), MUMBAI V. M/S SMIT EXPORTS PVT. LTD, MUMBAI

ITA 434/MUM/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 7576 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-01-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 30-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: H B GANDHI
• Keywords: Bogus purchase

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH SMC , MUMBAI BEFORE SHRI R. C. SHARMA, ACCOUNTANT MEMBER ITA NO. 434 /MUM/ 2019 : A.Y : 2010 - 11 ITO 8(2)(2), ROOM NO.622, 6 TH FLOOR AAYAKAR BHAWAN M.K.ROAD, MUMBAI VS. M/S. SMIT EXPORTS PVT. LTD., 1 8/338, NARSHI NATHA STREET MASJID BUNDER MUMBAI 400 003 PAN NO.AAECS1945H REVENUE BY : SHRI ANOOP HIWASE ASSESSEE BY : SHRI H.B. GANDHI DATE OF HEARING : 27/01/2020 DATE OF PRONOUNCEMENT : 27/01/2020 O R D E R PER R.C. SHARMA , ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF CIT(A) 6, MUMBAI DATED 30/11/2018 FOR A.Y.20 1 0 - 11 IN THE MATTER OF ORDER PASSED U/S.143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961. 2. IN THIS APPEAL REVENUE IS AGGRIEVED FOR RESTRICTING THE ADDITION ON ACCOUNT OF BOGUS PURCHASES TO THE EXTENT OF 12.5%. 3. I HAD GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW AND FOUND THAT ADDITION MADE ON ACCOUNT OF BOGUS PURCHASES WAS RESTRICTED BY CIT(A) TO THE EXTENT OF 12.5% AFTER THREADBARE DEAL ING WITH THE OBSERVATION AND FINDING OF THE AO. THE CIT(A) HAS APPLIED THE JUDICIAL PRONOUNCEMENTS AS LAID DOWN BY GUJARAT HIGH COURT IN CASE OF SIMIT P SHETH 356 ITR 451 AND AFTER CONSIDERING THE ENTIRE MATERIAL ON RECORDS ITA NO. 434/MUM/2019 M/S. SMIT EXPORTS P. LTD., 2 AND THE FACTS OF THE CASE, RESTR ICTED THE ADDITION TO THE EXTENT OF 12.5%. NOTHING WAS PRODUCED BEFORE ME TO PERSUADE ME TO DEVIATE FROM THE FINDINGS RECORDED BY CIT(A) AT PA RA 4.3 TO 4.3.6. ACCORDINGLY, I DO NOT FIND ANY REASON TO INTERFERE IN THE ORDER OF CIT(A). 4. IN THE RESULT, APP EAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 27 / 01 /20 20 SD/ - (R.C.SHARMA) ACCOUNTANT MEMBER MUMBAI; DATED 27 / 01 /20 20 KARUNA SR. PS COPY OF THE ORDER FORWARDED T O : BY ORDER, (ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//