2018 (2) TMI 1876

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..... R (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 20.04.2017 raising following question for our consideration: "Whether, on the facts and in the circumstances of the case and in laws, the Hon'ble ITAT is justified in holding the decision of the Ld Commissioner of Income tax (Appeal) is restricting the disall .....

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..... e addition of the entire amount. "7.5 It may be mentioned here that assessee might have purchased the goods in cash using his unaccounted money and, only with a view to coverup the purchases corresponding to the sales, bogus bills might have been procured thereby creating the unproven credits in balance sheet. This is proved beyond doubt that such trade credits and creditor expenses are not genu .....

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..... of Vijay Proteins Ltd vs Commissioner Of Income Tax reported in 58 ITD 432. Counsel for the Revenue however submitted that in case of N.K. Industries Ltd. v. Dy. C.I.T. reported in (2016) 72 Taxmann.com 289, this Court had confirmed the addition of the entire amount. This was however a case where the entire purchases were found to be bogus which would have the effect of increasing the profit of th .....

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