Teamasia Marketing Private Limited vs. ITO

Parties Involved

Facts Summary

The assessee, Teamasia Marketing Private Limited, is a company engaged in the business of trading PU Leather and synthetic leather. The company filed its income return for the assessment year 2021-22 on 14/03/2022, declaring a total income of Rs.1579630. Notices under section 143(2) were issued on 28/06/2022 due to substantial purchases from non-filers or non-business filers. The assessment was completed under the faceless assessment scheme, and notices under section 142(1) were issued on 21/07/2022. The Income Tax Officer passed an assessment order under section 143(3) and made an ad-hoc addition of Rs.6,76,56,035/- on account of bogus purchases. The assessee appealed against this order to the Commissioner of Income Tax (Appeals)/NFAC, Delhi, which was dismissed on 27-09-2023. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Adhoc Addition on account of bogus purchases of Rs.6,76,56,035/-
• 2. Initiation of penalty proceedings u/s 271 AAD of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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