Parsan Brothers Vs. DCIT, Circle-36, Kolkata

Parties Involved

Facts Summary

The assessee, Parsan Brothers, is engaged in the wholesale business of bonded goods. The original return of income for A.Y. 2013-14 was filed showing a total income of ₹55,75,830/-. The initial assessment was made under section 143(3) of the Act at the total income of ₹60,72,250/-. Another reassessment was done under section 143(3) /147 at Rs.1,10,56,360/-. During the pendency of the appeal, a notice u/s 148 was issued, and the total income was reassessed to ₹1,11,88,440/- after invoking Section 69C for a bogus purchase of Rs.1,32,080/- from M/s Kasturi Metal Trading Private Limited (KMPL). The assessee filed an appeal against this reassessment, which was dismissed by the Ld. CIT(A) on account of non-prosecution. The assessee then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the addition of Rs.1,32,080/- made by the Learned Assessing Officer as Unexplained Expenditure u/s 69C is justified.
• 2. Whether the assessee made any purchase from M/s Kasturi Metal Trading Private Limited.
• 3. Whether the other additions amounting to Rs.4,96,420/- and Rs.49,84,104/- are maintainable.
• 4. General grounds of appeal.

Judgment Outcome

Decided in favour of Assessee.

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