The Assessing Officer rejected the books of account\u00a0 and assessed \u00a0the unverifiable purchases on the basis of 25 per cent. of the bogus purchases. CIT (A) affirmed the order of the Assessing Officer. On appeal\u00a0 the Tribunal reversed the finding of the Commissioner (Appeals) and modified the disallowance to the extent of 2.19 per cent. and accordingly restricted the addition made by the Assessing Officer.\u00a0 On appeal the Court held that the Tribunal was not justified in confirming the finding of unverified purchases shown by the assessee and the consequent rejection of the books of account under section\u00a0145(3)\u00a0and restricting the addition made by the Assessing Officer. The order of the Commissioner (Appeals) was confirmed. As a special case the High Court has imposed\u00a0 a cost of Rs. 5000 in each appeals which the assessee was directed to deposit with the library of the Rajasthan High Court Bar Association.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 145 : Method of accounting-Rejection of books of account-Bogus purchases-Order of Tribunal modifying the quantum was set aside-Cost of Rs.5000 was imposed on the assessee. [S. 145(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-26542","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6U6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=26542"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26542\/revisions"}],"predecessor-version":[{"id":26543,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26542\/revisions\/26543"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=26542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=26542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}