TMI Blog2015 (11) TMI 1821X X X X Extracts X X X X X X X X Extracts X X X X ..... - no evidence to indicate that M/s Riddhi Siddhi Enterprises had provided accommodation bills to the assessee in respect of the materials purchased and consequently, concluded that there was no evidence to show that bogus purchases were made by the assessee. Appellate authority further found that sales made by the assessee had been accepted by the assessing officer. Once the sales have been ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate at 4.27% as against the gross profit rate of the preceding year at 4.04% and consequently, net profit of .21% as against .35% in the preceding year was declared. Consequently, a slight decline in the net profit rate was shown. The assessing officer made an assessment holding that purchases made from M/s Ridhdhi Siddhi Enterprises are bogus transactions in view of the fact that the registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer, it was found that purchases were made from M/s Riddhi Siddhi Enterprises in spite of the fact that Registration of the said firm had been cancelled. The appellate authority found that there was no evidence to indicate that M/s Riddhi Siddhi Enterprises had provided accommodation bills to the assessee in respect of the materials purchased and consequently, concluded that there was no eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
