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TMI Blog2022 (6) TMI 1347X X X X Extracts X X X X X X X X Extracts X X X X ..... e case, learned CIT(A) has erred, both on facts and in' law in rejecting the contention of the assessee that the initiation of the reassessment proceedings and the reassessment order are bad, both on the facts and in law and liable to be quashed, as the statutory conditions and procedure prescribed under the statute have not been complied with. 3. On the facts and circumstances of the case, learned CIT(A) has erred, both on facts and in law in ignoring the contention of the assessee that the reopening of the assessment proceedings of AY 2007-08 has been made on the basis of reopening of assessment proceedings of the AY 2006-07, which has been quashed by Hon'ble ITAT 4. (i) On the facts and circumstances of the case, learned CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e doing actual business. (ii) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting that the inference drawn by the AO merely on the basis of a statement that these firms are not in actual business is baseless and contrary to the facts on record. 7. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee in ignoring the fact that the quantity purchased and sold being completely tallying, the allegation that the assessee has not made purchases cannot be sustained. 8. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in confirming the addition on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of Rs. 19,61,168/- on account of bogus purchases made from M/s. Shree Bankey Bihari Trading Company; Shree Shyam Trading Company and Om Agencies. 4. Aggrieved against this, the assessee preferred appeal before Ld. CIT(A), who after considering the submissions and perusing the material available on record, partly allowed the appeal. Thereby, the Ld. CIT(A) sustained 20% of the additions and rest was deleted. 5. Aggrieved against the order of Ld. CIT(A), the assessee is in appeal before this Tribunal. 6. Ld. Counsel for the assessee reiterated the submissions made in the synopsis. The relevant contents of the synopsis are reproduced hereunder:- 1. "This is an appeal filed by assessee against the order passed by the learned CIT(A) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 'F' Bench. * M/s. Kakkar Bartan Store v. ITO in ITA No. 1380/Del/2015 dated 23.03.2016 * M/s. Krishan Lai & Sons v. ITO in ITA No. 1379/Del/2015 dated 23.03.2016 * M/s. Laxmi Dhatu Bhandar v. ITO in ITA No. 1369/Del/2015 dated 23.03.2016 * M/s. Karshni Metal Store v. ITO in ITA No. 1365/Del/2015 dated 23.03.2016 * M/s. Kashmir Metals v. ITO in ITA No. 1366/Del/2015 dated 23.03.2016 * M/s. Bhardwaj Metal (India) v. ITO in ITA No. 1370/Del/2015 dated 23.03.2016 * M/s. Nayar Metal Co. v. ITO in ITA No. 1374/Del/2015 dated 31/03/2016 * Neeraj Rathore Prop. M/s. Anjli Metal Overseas and Rajiv Jain Prop. M/s. Rajeev Metal Trading Co. v. ITO in ITA No. 059/Del/2017 and ITA No. 7061/Del/2017 dated 27.09.2018 * Jyoti Eng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the contention of Ld. Counsel for the assessee that the identical issues were raised by the assessee in ITA No. 1367/Del/2015 for AY 2006-07 and Division Bench of this Tribunal in para Nos. 10 to 12 has decided the issue in favour of the assessee. For the sake of clarity, para Nos. 10 to 12 of the aforesaid order reproduced as under:- 10. "On careful consideration and vigilant perusal of the orders of the Tribunal including that of the Unique Metal Industries (supra), we observe that the AO had recorded similarly worded reasons and name of the parties form whom the assessee alleged to have made bogus purchases were also same except the amount mentioned therein in the reasons recorded in the tabular form, as in the case of the present a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o determination of correct real income. Section 40A(3) is meant for a different purpose when the assessee has made purchases in cash. This provision cannot be applied in such cases. Once the purchases are held to be bogus then the trading results declared by the assessee cannot be accepted and right course in such case is to reject books of accounts and profit has to be estimated by applying a comparative profit rate in the same trade. Though there can be a little guess work in estimating profit rate but such profit rate cannot be punitive." 12. The Ld. DR could not bring to our notice any cogent or relevant material or evidence which may lead us to take a different view and not to follow the decision of the co ordinate benches of the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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