TaxTMI 
TaxTMI 
2024 (5) TMI 1539
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....s 143(3) dated 26.12.2022. 2. The grounds of appeal raised by the assessee are extracted as under: 1. On the facts and circumstances of the case and in law, the CIT(A) has erred in sustaining addition of Rs. 9,22,71,995 on bogus purchase of goods (i.e., copper scrap) when corresponding quantity of sales of such material has been accepted; sales of Rs. 14,45,07,596 has been accepted; books of account not been rejected; sec 145(3) not been applied; addition made is unjustified, is liable to be deleted. 2. On the facts and circumstances of the case and in law, of Rs. 9,22,71,995 on bogus purchase of goods (i.e. copper scrap); assessee is a 'trader'; resultant GP would be 66% (i.e., would increase by 63.87%) on sales of which is im....
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....s (i.e., copper scrap); assessee is a 'trader'; where sale of 'purchased goods' is not doubted, the 'corresponding purchases' could not be construed as 'bogus'; addition u/s 69C is not permissible in the eyes of law; is liable to be deleted; relied on Nikunj Eximp Enterprises (P) Ltd (2013) (Bom HC). 6. On the facts & circumstances of the case and in law, the CIT(A) has erred in sustaining application of sec 115BBE (i.e., higher rate of tax); nature & source of impugned purchases has been explained from corresponding sales of such material; it relates to business transactions only which is recorded in the books of account; books of account not been rejected; higher rate of tax levied u/s 115BBE is not justi....
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....d for adjournment for submissions 4. 22.02.204 08.03.2024 No reply 6. All notices were sent by registered mail. Sufficient opportunity has been afforded to the appellant. It appears that, the assessee is not interested pursuing in its appeal. The law aids those who are vigilant, not those who sleep upon their rights. This principle is embodied in the well-known dictum, VIGILANTIBUS ET NONDORMIENTIBUS JURA SUB VENIUNT". 7. The provisions of Sec. 250(6) provides that the appellate orders of CIT(A) are to state the points arising out of assessee's appeal. The order shall give out the reasons for such decisions. The underline rationale of the position is that such order is further appealed. 8. Speaking order obviously will enable ....
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....004-05 11. In view of the above explained rationale, the appeal stands dismissed. 4. As the appeal of the assessee against the addition of Rs. 9,22,71,995/- by the Ld. Assessing Officer on account of bogus purchases for which during the course of assessment proceedings, the assessee was unable to furnish complete documentary evidence in support of genuineness of the impugned purchase transactions. It is the observations of Ld. AO, that the concerned parties (sellers) have also not submitted any response to notices issued u/s 133(6), and also as per physical verification conducted by the designated verification unit, no favourable inference could be drawn. 5. Since the issue assailed before the Ld. CIT(A), was not deliberated on their me....
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....e files of Ld. CIT(A) to decide the issues therein on their merits considering the material available on record, after affording reasonable opportunity to being heard to the assessee. 8. Our aforesaid view is duly supported and fortified by the judgment of Hon'ble Bombay High Court in the case of CIT vs. Premkumar Arjundas Luthra (HUF) reported in [2016] 240 taxman 133, wherein Hon'ble Bombay High Court on the aforesaid issue, has held as under: It is very clear once an appeal is preferred before the CIT(A), then in disposing of the appeal, he is obliged to make such further inquiry that he thinks fit or direct the Assessing Officer to make further inquiry and report the result of the same to him as found in Section 250(4) of the....