TMI Blog2022 (11) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... ve that the said transaction is only a bogus transaction for the purpose of providing accommodation entry. The assessee, on the other hand, has proved the genuineness by furnishing the details of cheque, the bank account number, the invoices, delivery challans and other details evidencing the purchase of M.S. plates. The assessee has relied on the decision of DCIT vs Adinath Industries. [ 1999 (10) TMI 8 - GUJARAT HIGH COURT] which held that the assessee cannot be penalised for the action of supplier and that the assessee cannot be expected to know the commercial rationale on how this supplier operates its bank account which was considered by the Ld.CIT(A). CIT(A) has relied on the decision of the jurisdictional High Court in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry ground involved in this appeal is that the Ld.CIT(A) has erred in deleting the disallowance of purchases from V3 Enterprises made by the Assessing Officer. 4. The brief facts are that the assessee is engaged in manufacturing and installation of cold rolling mills, galvanizing lines, colour coating lines, tension levelling lines, skin pass mills, acid regeneration plants and pickling lines for ferrous and non-ferrous industries worldwide. The assessee has filed its return of income on 30/09/2009 declaring total income at Rs.45,37,83,890/- under the normal provisions of the Act and had computed profit of Rs.17,68,56,100/- under the provisions of section 115JB of the Act. The case was selected for scrutiny and assessment order dated 16/1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of information received from Investigation Wing that M/s V3 Enterprises with whom the assessee had transaction with, was appearing in the list of non genuine dealers in the website of sales-tax department, Government of Maharashtra. The Ld.DR further stated that M/s V3 Enterprises was involved in issuing bogus sales invoices and that they were not involved in any business activities. The Ld.DR vehemently opposed to the deletion of addition of Rs.35,50,000/- pertaining to the transaction of goods by the assessee from M/s V3 Enterprises on the ground that these were not genuine transactions and that the assessee had taken only accommodation entry from the said enterprise. The Ld.DR relied on the decision of the Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the department is that the alleged dealer s name appeared in the website of salestax department, Government of Maharashtra to be non genuine dealer. Apart from this, the Assessing Officer has not shown any corroborative evidences to prove that the said transaction is only a bogus transaction for the purpose of providing accommodation entry. The assessee, on the other hand, has proved the genuineness by furnishing the details of cheque, the bank account number, the invoices, delivery challans and other details evidencing the purchase of M.S. plates to the tune of Rs.35,78,377/-. The assessee has relied on the decision of DCIT vs Adinath Industries 252 ITR 476 (Guj), which held that the assessee cannot be penalised for the action of supp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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