TMI Blog2022 (2) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... rities. However, no unaccounted purchase has been made by the assessee. Addition on the basis of trade GP @ of 5% - assessee has sold paddy for which the assessee firm had received cash payment in lieu of that sales - A.R. filed an application under Rule 46A along with a certificate issued by the Punjab State Civil Supplies Corporation Ltd. dated 09.09.2021 wherein it is mentioned that as per record of this office rice mill named M/s. Tata Rice Mills, Zira was allotted to PUNSUP for custom milling during Crop year 2008-09 to 2020-21 and nothing is recoverable from said firm till date as per instruction/guidelines issued by Government and directions given by Honourable Courts - HELD THAT:- There is no dispute between PUNSUP and above sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs is bad and against the provisions of law. 3. That the CIT(A) was not justified in sustaining the addition of ₹ 8,72,150/- made by the AO on account alleged bogus purchases made by the assessee. 4. That both CIT(A) AO failed to appreciate that the assessee provided the complete evidence of purchases which was brushed aside by both the authorities. 5. That CIT(A) has wrongly sustained the addition of ₹ 2,58,160/- made by the A.O. on account of 5% G.P. on alleged unrecorded sales of ₹ 51,63,196/-. 6. That the CIT(A) while sustaining the addition completely ignored the facts and submissions made by the assessee in respect of alleged sales of ₹ 51,63,196/- alleged to be made by the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has challenged the issuance of notice u/s. 148 and contended that the said notice has been issued beyond the period of 4 years as contemplated in Section 147 as follows: Section 147- If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recomputed the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hdereafter in this section and in sections 148 to 153 referrred to as the relevant assessment years). Provided that where as assessment under sub-section(3) of section 143 or this section has been made for the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.02.2014 and several documents were impounded. And also cash books and a ledger relating to the concern M/s. Surinder Sat Agro Foods, Jallalabad for the period of 2011-12 were also seized. From the perusal of the same, it was revealed that the assessee had sold paddy worth ₹ 51,63,196/- for which the assessee firm had made cash payment in lieu of that sales. And also notice was issued for escapement of income of ₹ 60,35,346/- and assessee was asked to file evidence in respect of bogus purchase of ₹ 8,72,160/- from M/s. Kamna Overseas/Enterprises and also to give evidence in respect of transaction made by the assessee with M/s. Kamna Overseas/Enterprises 8. In support of its contention, assessee filed certain details su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rinder Sat Agro Foods, Jalalabad for which the assessee firm had received cash payment in lieu of that sales. 12. But On the other hand, assessee denied any transaction took place between the Surinder Sat Agro Foods and it is pertinent to mention here that M/s. Surinder Sat Agro Foods, Jalalabad also filed an affidavit with the lower authorities in which it was mentioned that it had not carried out any business transaction with the said firm. Ld. A.O. also mentioned in his order that assessee has made unaccounted sales to PUNSUP or any other Agency. 13. In support of its contention, Ld. A.R. filed an application under Rule 46A along with a certificate issued by the Punjab State Civil Supplies Corporation Ltd. dated 09.09.2021 wherein ..... X X X X Extracts X X X X X X X X Extracts X X X X
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