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Genuineness of transaction cannot be rejected for mere non-furnishing of stock register
Case Law Details
- Case Name
- Neogenetics Foods Private Limited Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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Neogenetics Foods Private Limited Vs DCIT (ITAT Bangalore)
From the perusal of the final Assessment Order (paragraph 4.5) it is clear that the only reason given by the AO for not accepting the genuineness of the transaction with M/s. Manoj Traders and M/s. K. S. Enterprises is failure of the assessee to furnish copy of stock register. In our view, this cannot be a proper reason for rejecting the claim of the assessee when the confirmation letter, purchase register along with sample invoices were furnished by the assessee. The learned Counsel for the assessee also submitted that payments have b...
