evidences of bogus purchases were found during the course of search except the

Evidences of bogus purchases were found during the

This preview shows page 74 - 76 out of 129 pages.

evidences of bogus purchases were found during the course of search except the statement of the managing director. We have already discussed that the statement of the managing director did not deal with any of the issues and further it was retracted immediately after the search to the extent of correcting the disclosure with respect to deposit in PMGKY scheme. 93. As already stated, that assessee company is a trader and dry fruits and other grocery items used to purchase and sale these items from and to the impugned parties on a regular basis. The entire purchase and sale transactions are duly recorded in the regular books of accounts of all the parties concerned. The entire transactions were routed through regular banking channels. The purchases and sales are also duly supported by the quantitative details. Copies of the bank accounts of all the parties showing the receipts and payments against the sales and purchases from the impugned parties were filed before the learned assessing officer no incriminating documents with respect to the purchases and sales recorded by the assessee in its books of accounts was found in the course of search. In the original assessments for the concluded assessment is all these details were verified and assessments were framed under section 143 (3) of the income tax act. The books of accounts were duly audited as per the companies act and as per the income tax act. No defects in such books were found either by the learned assessing officer or by the learned CIT – A. Based on the information furnished by the assessee the learned assessing officer proceeded to make an addition at the rate of 25% of such purchases without conducting any enquiry. In the deviation proceedings, the learned assessing officer after scrutiny of the books of accounts, appraisal report and statement of the managing director of the company, which was retracted, held that no such addition should have been made. In the
Image of page 74
Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) Page | 75 remand proceedings, also the AO held that on enquiry also made on test check basis of the 50% of the items got confirmed. 94. In view of above categorical facts coming out of the assessment proceedings, on perusal of the deviation report and appraisal report that 4 the concluded assessment is no incriminating evidences were found. In view of this, additions made by the learned assessing officer for assessment year 2012 – 13 to 2014 – 15, respectfully following the decision of the honourable jurisdictional High Court, the additions deserves to be deleted. So, for these years same are deleted. Accordingly ground no 6 for AY 2012-13, Ground no 4 for Ay 2013-14 and Ground no 4 of Ay 2014-15 are allowed.
Image of page 75
Image of page 76

You've reached the end of your free preview.

Want to read all 129 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes