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TMI Blog2024 (5) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (the Act) dated 11th December, 2019, was partly allowed. 02. The learned Assessing Officer has raised following grounds of appeal:- "1. Whether on the facts and circumstances of the case and in law, L.d. CIT(A) has erred in applying 3 years Gross Profit @ 16.45% as against the 100% addition made u/s 68 of the Income-Tax Act, 1961. by the Assessing Officer on account of Bogus Purchases of Rs. 4,22,34,640/- by ignoring the fact that DGIT(Inv.) had proved beyond doubt that the party M/s. Mayank Impex, a dummy entity of Rajendra Jain Group, who were involved in providing accommodation entry of Sales & purchases without actual delivery of goods and the assessee was one of the beneficiary who accepting accommodation entries for the purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .45% as against the 100% addition made u/s 68 of the Income-Tax Act, 1961 on account of Bogus Purchases of Rs. 4,22,34,640/-, without appreciating the ratio in the decision of the Hon'ble Supreme Court in the case of N.K. Protein Ltd. Wherein the court has held that when the purchases are from bogus suppliers. the entire purchases are liable to be disallowed ? 6. Whether on the facts and circumstances of the case and in law, Ld. CIT(A) has erred in applying 3 years Gross Profit @ 16.45% as against the 100% addition made by the Assessing Officer on account of Bogus Purchases of Rs. 4,22,34,640/-, without appreciating the fact that in the case of Swetamber Steels Ltd. (Supra), the Hon'ble ITAT Ahmedabad had confirmed the disallowanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n was deleted. 05. Both the parties were aggrieved with the above appellate order. Assessee approached the co-ordinate Bench in ITA No.2948/Mum/2023, for A.Y. 2012-13, which was decided by the co-ordinate Bench on 26th February, 2024, wherein the addition was restricted to 3% of gross profit. As assessee has already declared gross profit rate of 1.42% for the year, balance 1.58% was confirmed. It has not brought to our notice that any Miscellaneous Application is pending or filed before the ITAT. 06. By this time neither the registry nor the parties informed the Bench that ld Ao has filed an appeal against the same order though the appeal of the Revenue was filed on 3rd October, 2023. Had it been known to the Bench that the cross appeal o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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