Bombay HC confirmed addition of 100% of peak purchases from tainted parties
Recently, the Hon,ble BHC in case of Pr. Commissioner of Income Tax-12, Mumbai vs. M/s Drisha Impex Pvt. Ltd., held that when the assessee has not questioned the finding of ITAT by filing an appeal, the assessee is not free to challenge the findings of ITAT by placing the reliance on submission made before CIT Appeal now.
The Court held that, the assessee has failed to produce documentary evidences, including the bank statement of supplier and also failed to ask the cross examination.
The court observe that the first appellate authority was too casual in his approach in adjudicating this matter without considering or giving findings
on the various grounds on which the Assessing Officer made the addition.
The Court confirmed 100% of peak purchases from tainted parties by following the recent judgements i.e.
i. Pr. Commissioner of Income Tax-5 Vs Kanak Impex (India) ltd.
ii. The Principal Commissioner of Income Tax-25 Vs Shree Ganesh Developers
The Copy Of the order is as under:
