CIT, Jaipur v. Shruti Gems
[Citation -2017-LL-0523-45]
| Citation | 2017-LL-0523-45 |
|---|---|
| Appellant Name | CIT, Jaipur |
| Respondent Name | Shruti Gems |
| Court | HIGH COURT OF RAJASTHAN |
| Relevant Act | Income-tax |
| Date of Order | 23/05/2017 |
| Judgment | View Judgment |
| Keyword Tags | rejection of books of accounts • cross-examination • bogus purchase • admissibility of deduction |
| Bot Summary: | Whether on the facts and circumstances of the case, the tribunal was justified in deleting the addition of Rs.1,89,29,835/- and accepting the gross profit declared by the assessee, ignoring the fact that it itself has upheld the finding with regard to bogus purchase shown by the assessee and rejection of books of accounts 2. Whether on the facts and circumstances of the case, the tribunal was justified in one hand upholding the finding of bogus purchases made by the assesee and consequent rejection of books of accounts and also observing that the possiblity of leakage of revenue cannot be ruled out and on the other hand accepting the gross profit declared by the assessee and deleting the addition of Rs.1,89,29,835/- made by the assessing officer 3. Whether on the facts and circumstances of the case, the tribunal was justified in not only deleting the addition of Rs.53,37,410/- sustained by the CIT(A) but deleting the entire addition of Rs.1,89,29,835/- made by the assessing officer and allowing deduction u/s 10B on the entire profit ITA-658/2009 3 Heard learned counsel for the parties. We remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer on the basis of the aforesaid three judgments. The matter is remitted back to the Assessing Officer. It will be open for the assessee to raise all contentions including opportunity of cross-examination before the Assessing Officer. |