TMI Blog2022 (3) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... chases through the grey market gives the assessee savings on account of non-payment of tax and others at the expenses of the exchequer. In such situation in my considered opinion on the facts and circumstances of the case the 12.5% disallowance out of the bogus purchases meets the end of justice. However, in this regard Ld. counsel of the assessee has prayed that when only the profits earned by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Grievances raised by the Assessing Officer are as follows: (1) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the Assessing Officer to restrict the addition of Rs.26,11,780/- to the extent of 12% only made on account of bogus purchase despite of the facts that the assessee has failed to substantiate his claim of purchase . (2) On the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon ble High Court has confirmed the deletion of disallowance on account of alleged bogus purchase as necessary documentary evidence for the purchase were on record. 6. The special leave petition against this order has been dismissed by the Hon ble Supreme Court in its decision dated. 04.05.2018 S.L.P. Civil Diary No.12670/2018. 7. Up on careful consideration, I find that assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se indicate that assessee has made purchase from the grey market. Making purchases through the grey market gives the assessee savings on account of non-payment of tax and others at the expenses of the exchequer. In such situation in my considered opinion on the facts and circumstances of the case the 12.5% disallowance out of the bogus purchases meets the end of justice. However, in this regard Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X
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