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TMI Blog2022 (1) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... antial question of law arises for consideration in the present appeal. - ITA 176/2021 - - - Dated:- 12-1-2022 - HON'BLE MR. JUSTICE MANMOHAN AND HON'BLE MR. JUSTICE NAVIN CHAWLA Petitioner Through : Ms. Vibhooti Malhotra, Adv. Respondent Through : Mr. Sachit Jolly, Mr. Rohit Garg, Ms. Mehak Sachdeva, Advs. NAVIN CHAWLA, J. (Oral) The appeal has been heard by way of video conferencing. CM 45430/2021 (exemption) Allowed, subject to all just exceptions. ITA 176/2021 1. The present appeal has been filed challenging the order dated 08.02.2021 passed by the learned Income Tax Appellate Tribunal, New Delhi, Delhi Bench C (hereinafter referred to as the ITAT ) in ITA No. 3982/DEL/2015 dismissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CIT(A) held that the Assessing Officer had failed to consider the fact that the respondent-assessee had been regularly recognizing revenue by adopting the construction-linked percentage completion method in accordance with the mandatory Accounting Standard AS-7 and in the event the purchases made by the respondent-assessee would be considered bogus, then even the revenue based thereupon will have to be reduced, affecting the profitability of the respondent-assessee. 5. Aggrieved by the above order, the appellant preferred an appeal before the learned ITAT, being ITA No. 3982/DEL/2015, which has been dismissed by the impugned order observing as under: 6. We find that the AO has disallowed the purchases made from the four p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. The Assessing Officer contentions that non-production of parties can give credence to the bogus nature of the purchases cannot be accepted. In this regard, reliance is placed on the decision of Hon'ble High Court of Bombay in the case of B.C. Borana Vs ITO 282 ITR 252. In the case of M/s Suman Enterprises, the Inspector report cannot be given credence as the party was found to be genuine on enquiry. The better way for the AO could be. to enquire about the amounts received from the assessee and from such amounts, if any, purchases of material have been made which in turn supplied to the assessee. The non-purchase of material/non-utilization of the amounts for purchase of material by the suppliers would be an appropriate evi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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