Repercussions if there is failure to substantiate the purchase of import license by the assessee

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Last updated: 27 May 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns an assessee who purchased an import licence for Rs. 2.66 Lacs from a supplier later deemed bogus. Despite providing a purchase bill, bank statements, and proof of licence utilisation, the Assessing Officer disallowed the expense. The Tribunal noted that the assessee failed to discharge the onus of substantiating the purchase from the specific supplier, leading to the disallowance.

Court :
ITAT Mumbai

Brief :
Aforesaid appeal by revenue for Assessment year [AY in short] 2011-12 contest the order of Ld. Commissioner of Income Tax (Appeals)-18, Mumbai [in short CIT(A) ] dated 26/08/2019 which has provided certain relief to the assessee on account of alleged bogus purchases.

Citation :
I.T.A. No.7141/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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