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TMI Blog2018 (2) TMI 1876X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) and the Tribunal correctly limited the additions to 25% following the judgment of this Court in case of Vijay Proteins Ltd vs Commissioner Of Income Tax reported in [2015 (1) TMI 828 - GUJARAT HIGH COURT] Counsel for the Revenue however submitted that in case of N.K. Industries Ltd. v. Dy. C.I.T. [2016 (6) TMI 1139 - GUJARAT HIGH COURT], this Court had confirmed the addition of the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 2,71,32,085/to ₹ 67,83,020/i. e. 25% of total addition on accounts of bogus creditors despite the facts that issue has been settled in favour of the Revenue vide decision of the Hon'ble Apex Court in the case of N. K Proteins ltd in SLP No 769 of 2017'? 2. The Assessing Officer confronted the assessee with various creditors, total outstanding of which was ₹ 2.71 crores (rou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and justified to add an amount of ₹ 2,71,32,085/to the total income of the assessee. 7.6 At last, after discussing all the aspects of this matter and looking to the facts and circumstances of this case, a sum of ₹ 2,71,32,085/is added back to the income of the assessee on the basis dial all these creditors are merely book entries and have already been paid off in cash." 3. In appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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