DCIT-7(2)(2),, MUMBAI M/S. NEW AGE FIRE PROTECTION ENGINEERING PVT. LTD.,, MUMBAI

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Last updated: 10 December 2020
Quick Summary
This Income Tax Appellate Tribunal case concerns an appeal by the DCIT against M/s. New Age Fire Protection Engineering Pvt. Ltd. regarding additions made for bogus purchases. The Assessing Officer had added 25% of the purchase value, estimating the profit element, as the assessee could not fully prove the veracity of purchases from certain parties, though corresponding sales were proven. The CIT(A) reduced this addition to 12.5%, relying on High Court decisions, which the Revenue appealed.

Court :
ITAT Mumbai

Brief :
This appeal in ITA No.1566/Mum/2019 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-16, Mumbai in appeal No.CIT(A)-16/ACIT-7(2)(2)/IT-16/2016-17 dated 24/12/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 01/03/2016 by the ld. Asst. Commissioner of Income Tax, Circle 7(2)(2), Mumbai (hereinafter referred to as ld. AO). 

Citation :
ITA No.1566/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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