TMI Blog2024 (4) TMI 1117X X X X Extracts X X X X X X X X Extracts X X X X ..... d against revenue - Shri Prashant Maharishi, AM And Shri Raj Kumar Chauhan, JM For the Assessee : Shri Nishit Gandhi, AR For the Revenue : Shri HM Bhatt, DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Dy. Commissioner of Income Tax 19 (1), Mumbai (the learned assessing officer) for A.Y. 2012-13, against the appellate order passed by the learned CIT A on 29th August, 2023, wherein the appeal filed by assessee was partly allowed. 02. The learned AO is aggrieved and has raised following grounds: Ground Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in reducing gross profit @ 12,5% as against the 100% addition made by the Assessing office on account of bogus purchases of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against the 100% addition made by the Assessing office on account of bogus purchases of Rs. 2,34,54,210/-, by ignoring the fact that the action of the Assessing officer was based on credible information received from the DGIT (Inv.), Mumbai and that the assessee during the course of assessment proceedings failed to prove the genuineness of the purchase transaction? 5 Whether on the facts and in the circumstances of the case and in law, the order of the Ld CIT(A) is perverse in not considering the order of Hon'ble Supreme Court in the case of NK Protein Ltd. dated 16-1-2017, which is on the similar issue of bogus purchases and when the Hon'ble Apex Court order was already the law of the land when the Ld CIT(A) has pronounced its or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties along with the stock register, manufacturing register and copy of bills. The assessee submitted that some details of the purchases and stated that purchases are genuine. The learned assessing officer passed an assessment order on 27th March 2015 and did not agree with the submission of the assessee and held that except this the stock register entry, cheque payment, customer appraisal report in respect of export sales no other documents such as delivery challan etc. were produced during the course of the assessment/reassessment proceedings. Accordingly, the learned assessing officer held that purchases made from the entities controlled by accommodation entry provider are just shown as purchases to cover up the grey market purchases. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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