ITAT upheld the order of CIT(A), restricting the addition to 5% of the purchases made from alleged party.
Last updated: 22 January 2021
Court :
ITAT Mumbai
Brief :
This appeal is filed by the revenue against the order of the Learned Commissioner of Income Tax (Appeals) – 3, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 12.11.2018 for the A.Y. 2008-09 in restricting the addition to 5% of purchases as against the disallowance of 12.5% of purchases as non-genuine/bogus by the Assessing Officer.
Citation :
ITA NO. 2260/MUM/2019 (A.Y. 2008-09)
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH “D”, MUMBAI
BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER
SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER
ITA NO. 2260/MUM/2019 (A.Y. 2008-09)
ACIT – 19(3)
Room No. 206, 2nd Floor
Matru Mandir, Tardev Road
Mumbai – 400 007
PAN: AACFR2807C
(Appellant)
vs.
M/s. Rishab Steel House
301-Duncan Road, M.A. Road
Mumbai -400 004
(Respondent)
Assessee by : Mrs Rutuja Pawar
Department by Shri Bharat Andhle
Date of Hearing : 24.11.2020
Date of Pronouncement : 25.11.2020
O R D E R
PER C.N. PRASAD (JM)
1. This appeal is filed by the revenue against the order of the Learned Commissioner of Income Tax (Appeals) – 3, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 12.11.2018 for the A.Y. 2008-09 in restricting the addition to 5% of purchases as against the disallowance of 12.5% of purchases as non-genuine/bogus by the Assessing Officer.
2. Briefly stated the facts are that, assessee engaged in the business of Trading of steel, filed return of income on 27.09.2008 declaring income of ₹.25,70,213/- for the A.Y. 2008-09 and the return was processed u/s.143(1) of the Act. Subsequently, Assessing Officer received information from the DGIT (Inv.,), Mumbai about the accommodation entries provided by various dealers and assessee was also one of the beneficiary from those dealers.
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