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2024 (2) TMI 1038 - AT - Income TaxEstimation of income - bogus purchases - HELD THAT:- As AO has not doubted the sales and hence considering the ratio of decision of Hon'ble Jurisdictional High Court in the case of CIT v. Nikunj Eximp [2013 (1) TMI 88 - BOMBAY HIGH COURT] and CIT Vs. Simit P Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] and to meet the ends of justice, set-aside the order of the CIT(A) on this disputed issue and direct the assessing officer to estimate the income @12.5% on unapproved/ bogus purchases and partly allow this ground of appeal of the assessee. Deduction u/sec 80IC - disallowing the claim u/s 80-IC(2)(a) in the assessment order passed u/s 143(3) r.w.s 147 as against the same was allowed by his predecessors while passing the Assessment Order u/s 143(3) - HELD THAT:- When a query was raised to Ld.AR to substantiate with the submissions on claim of deduction u/sec 80IC of the Act in lieu of notice U/sec 142(1) of the Act discussed above, made in the original assessment proceedings u/sec 143(3) of the Act , the explanations are not convincing and are not supported with the evidences and similarly the DR also could not express the view on this query. Therefore, considering the principles of natural justice shall provide with one more opportunity of hearing to the assessee to substantiate the case with evidences and information. Accordingly, set aside the order of the CIT(A) on this disputed issue and remit the entire disputed issue of claim of deduction U/sec 80IC of the Act for limited purpose to the file of the Assessing Officer to examine and adjudicate afresh on merits. Appeal filed by the assessee is partly allowed for statistical purposes.
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