ITO 22 (1)(5), Mumbai V. M/S GOLD COIN FASHION , Mumbai

ITA 5705/MUM/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3074 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-06-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 05-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Bogus purchase

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH SMC, MUMBAI , ! BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER . 5705 / / 2019 (%. 2010-11 ) ITA NO.5705/MUM/2019 (A.Y 2010-11) INCOME TAX OFFICER-22(1)(5), 323, 3 RD FLOOR, PIRAMAL CHAMBERS, LAL BAUG, PAREL, MUMBAI 400 012 ...... ' / APPELLANT % VS. M/S. GOLD COIN FASHION, 2, KUDKAR CHAWL, KHOTWADI, NEAR SAIBABA MANDIR, P.M.ROAD, SANTACRUZ (W), MUMBAI 400 052. PAN: AAAFG 4041R ..... ()/ RESPONDENT '*/ APPELLANT BY : SHRI SUSHIL KUMAR MISHRA ()*/ RESPONDENT BY : NONE %+) / DATE OF HEARING : 31/03/2021 ,-. +) / DATE OF PRONOUNCEMENT : /06/2021 / ORDER THIS APPEAL BY REVENUE IS AGAINST THE ORDER OF COMM ISSIONER OF INCOME TAX (APPEALS) -34, MUMBAI [IN SHORT THE CIT(A)] D ATED 09/05/2019 FOR THE ASSESSMENT YEAR 2010-11. 2 ITA NO.5705/MUM/2019 (A.Y 2010-11) 2. SUBMISSION MADE BY LD. DEPARTMENTAL REPRESENTATI VE HEARD, ORDERS OF AUTHORITIES BELOW EXAMINED. THE ASSESSEE IS IN THE BUSINESS OF MANUFACTURING AND TRADING OF READYMADE GARMENTS. THE ASSESSEE HAD OBTAINED BOGUS PURCHASE BILLS AMOUNTING TO RS.1,77,408/- FROM M/S. SAKHTI TRADING COMPANY, A DECLARED HAWALA OPERATOR. IN ASSESSMENT PROCEEDIN GS THE ASSESSING OFFICER MADE ADDITION OF RS.44,352/- BY ESTIMATING 25% MARG IN OF PROFIT ON BOGUS PURCHASES. IN FIRST APPELLATE PROCEEDINGS THE CIT(A ) RESTRICTED THE ADDITION AT 12.5% ON BOGUS PURCHASES. THE ASSESSEE HAS DECLARED G.P OF 14.05% FOR THE RELEVANT PERIOD. IN MY CONSIDERED VIEW ESTIMATION O F G.P BY ASSESSING OFFICER IS VERY MUCH ON THE HIGHER SIDE. I CONCUR WITH THE FIN DINGS OF THE CIT(A), HENCE, THE IMPUGNED ORDER WARRANTS NO INTERFERENCE. THE SA ME IS UPHELD AND THE APPEAL BY REVENUE IS DISMISSED, SANS MERIT. ORDER PRONOUNCED IN THE OPEN COURT ON THURSDAY, TH E 10 TH DAY OF JUNE, 2021. SD/- (VIKAS AWASTHY) / JUDICIAL MEMBER / MUMBAI, 0%/ DATED: 10/06/2021 VM , SR. PS (O/S) 3 ITA NO.5705/MUM/2019 (A.Y 2010-11) COPY OF THE ORDER FORWARDED TO : 1. ' / THE APPELLANT , 2. () / THE RESPONDENT. 3. 1) ( )/ THE CIT(A)- 4. 1) CIT 5. 23()% , . . . , / DR, ITAT, MUMBAI 6. 34567 / GUARD FILE. BY ORDER, //TRUE COPY// (DY./ASSTT. REGISTRAR) ITAT, MUMBAI