Case Law Details
ACIT Vs Jain Jewellery (ITAT Delhi)
In the case of Jain Jewellery vs. ACIT, ITA No. 4571/DEL/2017 (AY 2012-13) additions were made on the basis of statements of third parties regarding bogus purchases. Total amount of purchases was Rs. 20495150/-. Additions restricted to 25% by CIT(A). On appeal before ITAT entire additions were deleted due to the reason that department never confronted statement of its witnesses to assessee nor cross examination was given. The said case law is reproduced below :
FULL TEXT OF THE ORDER OF ITAT DELHI
The above two cross appeals by the revenue and assessee are preferred against the order of the Commissioner of Income Tax (Appeals) – 18, New Delhi dated 08.05.2017 pertaining to Assessment Year 2012-13. Since both these appeals were heard together, these are being disposed of by this common order for the sake of convenience and brevity.
2. The solitary grievance of the Revenue is that the ld. CIT(A) erred in restricting the addition of Rs. 2,04,95,150/- to Rs. 51,23,787/- and the solitary grievance of the assessee is towards restriction of addition of Rs. 51,23,787/-. Since both the appeals relate to same set of facts, we deem it fit to consider the facts for disposal of the captioned appeals.
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