High Court allowed the Department’s appeal holding that there was no justification for failure by the assessee to appear before the Assessing Officer during the reassessment proceedings\u00a0 to establish the deduction claimed on purchases, that the assessee, having failed to discharge its onus on this issue before all three authorities, the addition made under section 69C by the Assessing Officer was justified, that the fact that details of sundry debtors and creditors had been filed in the original assessment proceedings under section 143(3) did not absolve the assessee from proving the source of the purchases in the course of the reassessment proceedings under section 147, that the assessee had consciously and intentionally decided not to join the investigation, that the assessee had not proved the genuineness of the purchases, which, inter alia, included the source of making the payment for such purchases, and that consequently, the order of the Assessing Officer making addition under section 69C was to be restored \u00a0The Supreme Court dismissed the petition.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69C: Unexplained expenditure-Bogus purchases-Failure to appear in reassessment proceedings-Finding that the assessee had consciously and intentionally decided not to join the investigation-High Court affirmed the addition-SLP of the assessee dismissed. [S. 37(1), 147, 148, Art. 136]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64279","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gIL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64279","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=64279"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64279\/revisions"}],"predecessor-version":[{"id":64280,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64279\/revisions\/64280"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}