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2021 (8) TMI 1246 - ITAT HYDERABADReopening of assessment u/s 147 - Bogus purchases u/s 69C - HELD THAT:- In view of the AO’s as well as the CIT(A)’s respective detailed discussions justifying the impugned re-opening(s) based on the Investigation Wing, Mumbai’s information pinpointing the specific inputs in search proceedings including M/s.Bhanwarlal Jain group authorised persons statement(s) to have been providing bogus accommodation entries. We therefore hold that the Assessing Officer had rightly initiated the impugned re-opening process in all these three cases. The assessee fails in its identical first and foremost ground therefore. Quantification of the impugned bogus purchases - As considered the foregoing rival submissions and find no reason to delete the impugned bogus purchases disallowance/addition in entirety in all these three assessment years. This is for the precise reason that going by the circumstances before us, it can be safely inferred that the assessee obtained bogus purchase invoices from M/s.Bhanwarlal Jain group and further sourced its purchases from other suppliers - this tribunal’s coordinate bench in ITO Vs. M.Shailesh and Co. [2019 (1) TMI 1922 - ITAT MUMBAI] as well as various other similar orders hold that only a percentage of such purchases than the entire amount(s) thereof has to be disallowed - interest of justice that the impugned bogus purchases in all these three year(s) deserve to be restricted to disallowance @8% only in the given facts and circumstances with a rider that the same shall not be taken as a precedent in any other case. Necessary computation shall follow as per law.
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