TMI Blog2018 (11) TMI 1958X X X X Extracts X X X X X X X X Extracts X X X X ..... tailed inquiry and investigation found that corresponding sales have been duly accounted for in the books, accordingly entire purchases could not be added and he estimated extra profit of 6% on such purchases and added the same in assessee s income. We are of the considered view that order passed by Ld. CIT u/s 263 of IT. Act is not correct as Ld. CIT has not discussed the factual details passed in the order in the case of N. K. Proteins Ltd. [ 2017 (1) TMI 1090 - SC ORDER] and N.K. Industries [ 2016 (6) TMI 1139 - GUJARAT HIGH COURT] , wherein in these cases, 100% of additions were made. Therefore in the case of the assessee, AO had not made 100% addition, whereas after going through the aforementioned different orders passed by different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trading in iron, steel and hardware supplier and filed its return of income for the year under consideration on 13.10.10 declaring total income at Rs. 8,58,150/-. Subsequently on receiving information from DGIT(Inv.), Mumbai, the assessment was reopened and the same was completed u/s 143(3) r.w.s. 147 of the I.T. Act on 02.03.16, determining the total income of Rs. 14,85,000/-. Later on, vide order dated 28.03.18, the Commissioner of Income Tax passed order u/s 263 of the I.T. Act on the ground that assessee has failed to examine the issue mentioned in the notice u/s 263 of the I.T. Act, thereby holding that assessment order passed by the AO is erroneous in so far as it is prejudicial to the interest of revenue. Aggrieved by the order of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned in para no. 7 of the order of Ld. CIT. From the records, we found that completed assessment was reopened on the ground of information from the investigation wing that assessee had made purchases from alleged bogus supplier. Since the reopening itself was for this purpose only the AO after having detailed inquiry and investigation found that corresponding sales have been duly accounted for in the books, accordingly entire purchases could not be added and he estimated extra profit of 6% on such purchases and added the same in assessee s income. After having gone through the order passed by Ld. CIT as well as submissions made by both the parties, we find that after reopening the order of re-assessment was passed by AO u/s 143(3) r.w.s. 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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