TMI Blog2017 (5) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... Niwas, M.I. Road, Jaipur [2016 (11) TMI 1400 - RAJASTHAN HIGH COURT] as held considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax [2015 (4) TMI 1146 - SUPREME COURT] as held justification in disallowing 25% of the purchase price. Remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... objection filed by the assessee challenging the addition on account of bogus purchases was maintainable when the assessee itself filed an application for treating the said income as its business income instead of income from other sources? (ii) Whether the Tribunal was justified in upholding the order of CIT(A) wherein it has held that the disallowed purchases of ₹ 2,42,445/- should be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K. Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on 20.06.2016, the parties are bound by the principle of law pronounced in the aforesaid three judgments. 4. We remit back the case to the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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