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TMI Blog2024 (2) TMI 1546X X X X Extracts X X X X X X X X Extracts X X X X ..... HD/2017 for the A.Y. 2008-09. 2. Brief facts of the case can be narrated as under. 2.1 The assessee is engaged in the business of manufacturing, import and export of diamonds. The original assessment order under Section 143(3) of the Income Tax Act, 1961 (for short 'the Act') was passed on 27th December, 2010 determining total income at Rs. 04,95,53,750/- for the A.Y. 2008-09. 2.2 During the course of assessment proceedings, information was received that assessee has received accommodation entries of bogus purchases from various parties of Shri Rajendra Jain Group, Sanjay Chaudhary Group and Dharmichand Jain Group, on whom search action carried out and in turn the same was admitted during the search proceedings that they are providi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Therefore, by way of present Tax Appeal, the revenue has approached this Court impugning the order of the learned Income Tax Appellate Tribunal by raising following substantial questions of law. (i) Whether, on the facts and in the circumstances of the case and in law, the learned Tribunal was justified in estimating the addition in respect of bogus purchases at the rate of 6% of such purchases as against disallowance made by the AO at the rate of 100% of such purchases amounting to Rs. 25,24,67,233/- ignoring the fact that these purchases are sham transactions fabricated through bogus paper concerns of Shri Rajendra Jain Group, Shri Sanjay Chaudhary Group and Dharmichand Jain Group companies which were engaged in providing accom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... providing accommodation entry to the assessee. In M/s. Surya Impex (supra) the court held in favour of the assessee. The questions of law involved in the said case were of the same nature and were in the context of similar facts involving the same group. 7. For all the above reasons, substantial questions of law proposed by the appellant in this appeal stands already answered. No question of law much less any substantial questions of law arise in the facts of the present case. No other substantial question of law arises. The appeal is meritless. It is summarily dismissed." 6. Keeping in view the aforesaid aspect, if we consider the order passed by the learned Tribunal, we noticed that while passing the impugned order the learned Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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