ITA No.1615/KOL/2024
Parties Involved
Facts Summary
The assessee, Sawansukha Jewellers Private Limited, filed its return of income on 30.10.2018 declaring a total income of ₹29,74,75,300/-. The case was selected for scrutiny and the assessment was framed under section 143(3) of the Act, assessing the total income at ₹29,76,02,380/-. The case was reopened under section 148 of the Act based on information from the Directorate of Income Tax (Systems) indicating suspicious transactions with two parties, Tanman Jewels Pvt. Ltd. and Saffron Gems Pvt. Ltd., totaling ₹2,20,05,564/-. The assessing officer treated these purchases as bogus and added them as unexplained expenditure under section 69C read with section 115BBE. The assessee provided various documents to support the genuineness of these purchases, but the assessing officer deemed these submissions insufficient. The ld. CIT (A) partly sustained the addition, directing the AO to assess the income at the rate of 12% of the total bogus purchases.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the purchases made by the assessee from Tanman Jewels Pvt. Ltd. and Saffron Gems Pvt. Ltd. were bogus.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
3 precedents cited in this judgement.
Similar Judgements
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