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Case Law Details

Case Name : Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai)
Appeal Number : ITA No. 4261/Mum/2017
Date of Judgement/Order : 04/02/2019
Related Assessment Year : 2009-10 & 2010-11
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Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai)

BOGUS PURCHASES –

On the basis of information, huge racket of hawala dealers involved in issuing bogus invoices to allow the traders to claim tax credit was discovered. Assessee was alleged to be one of the beneficiary to who dealt with certain parties engaged in hawala racket. As per AO, assessee was engaged in bogus purchase of INR 2,00,678, wherein, only the bill was received by assessee without receipt of material. The concluded proceeding were re-opened by issuing notice dated 10.05.2013 u/s. 148 and were asked to prove the genuineness of the purchase.

Assessee submitted that all the purchases are genuine and payments has been made through cheque. The purchases was duly accounted for in the books of accounts and reconciliation of purchase and sales were duly submitted.

DISALLOWANCE OF EXPENDITURE –

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