ACIT – 19(1), Mumbai Vs. Parul Diamond
Case No: I.T.A. No. 6992/Mum/2024
Court: INCOME TAX APPELLATE TRIBUNAL, H(SMC) BENCH, MUMBAI
Date: 12/2/2025
Parties Involved
AppellantACIT – 19(1), Mumbai
RespondentParul Diamond
Facts Summary
The assessee, a partnership firm engaged in trading and export of diamonds, filed its return for the year 2007-08 declaring a total income of Rs. 82,599/-. A search was conducted at the assessee's premises, and a notice under section 153A was issued. Subsequently, a notice under section 148 was issued, leading to reassessment proceedings. The Assessing Officer (AO) formed the opinion that the assessee had made bogus purchases from Mohit Enterprises, a shell company managed by Bhawarlal Jain and …
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the CIT(A) erred in restricting the addition to 6% as against the 100% addition made by the AO on account of bogus purchases from M/s. Mohan Enterprises.
- 2. Whether the CIT(A) erred in not considering the evidence provided by the DGIT (Investigation Wing) proving that M/s. Mohan Enterprises was a dummy company.
8 more legal issues analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.