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Showing contexts for: BLUE CIRCLE ORGANICS in Dcit 2(1)(1), Mumbai vs Blue Circle Organics P.Ltd, Mumbai on 26 February, 2019Matching Fragments
M/s. Blue Circle Organics Pvt.Ltd.
Assessment Year: 2010-11 आयकर अपीलीय अिधकरण "बीबी"
बी ायपीठ मुंबई म ।
IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI माननीय ी पवन िसं ह , ाियक सद एवं माननीय ी मनोज कुमार अ वाल, ले खा सद के सम ।
BEFORE HON'BLE SHRI PAWAN SINGH, JM AND HON'BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No. 2564/Mum/2017 ( िनधा रण वष / Assessment Year: 2010-11) Deputy Commissioner of Income Tax-2(1)(1) Blue Circle Organics P. Ltd.
1. Aforesaid appeal by Revenue for Assessment Year [AY] 2010-11 contest the order of the Ld. Commissioner of Income-Tax (Appeals)-3 [CIT(A)], Mumbai, Appeal No. CIT(A)-3/IT-112/ACIT-2(1)(1)/2016-17 dated 16/01/2017 qua certain relief provided to the assessee on account of alleged bogus purchases and u/s 68 of the Act.2 ITA No. 2564/Mum/2017
M/s. Blue Circle Organics Pvt.Ltd.
M/s. Blue Circle Organics Pvt.Ltd.
Assessment Year: 2010-11 2.4 The Ld. AO, in the alternative, opined that since purchases were not made by the assessee from the stated parties, actual goods were purchased from undisclosed sources in cash and therefore the said amount was disallowable in terms of Section 40A (3) of the Act also. 2.5 Another addition u/s 68 stem from the fact that the assessee was in receipt of share application money aggregating to Rs.557.25 Lacs from 7 entities as per the following details: -
4. The Ld. Departmental Representative [DR] submitted that the assessee failed to demonstrate consumption of material and therefore, M/s. Blue Circle Organics Pvt.Ltd.
Assessment Year: 2010-11 full additions qua alleged bogus purchases were justified. Regarding addition u/s. 68 of the Act, it was submitted that the assessee did not file any documentary evidences before Ld. AO. Per Contra, Ld. Authorized Representative for assessee, Sh. H.P.Shah, drawing our attention to the documents placed in the paper-book, submitted that the assessee purchased various chemicals from the stated suppliers which were consumed in the manufacturing process. Regarding addition u/s 68, our attention has been drawn to the supporting documents placed in the paper-book.