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TMI Blog2023 (3) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... restrict the disallowance to 3% being the estimated gross profit of the bogus purchases. As the assessee claims that it has already offered to tax gross profit of 2.75% on the aforesaid transaction. Therefore, we direct the AO to verify the aforesaid submission and grant relief to the assessee to the extent the gross profit, on the non-genuine purchases, has already been offered to tax by the assessee.Appeal by the assessee is partly allowed. - ITA no.3091/Mum./2022 - - - Dated:- 20-2-2023 - Shri M. Balaganesh, Accountant Member And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Rajnish Aggarwal For the Revenue : Ms. Indira Adakil ORDER PER SANDEEP SINGH KARHAIL, J.M. The captioned appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the present appeal. 4. Having considered the submissions of both sides and perused the application seeking condonation of delay along with the affidavit filed by the assessee, we find that the assessee claims that due to the advice of the counsel that appeal before the Tribunal can only be filed online on the online portal, which was not functional due to technical reasons at that time, the appeal could not be filed within the prescribed limitation period. As per the assessee, only after it engaged the present counsel, it was advised to file the appeal manually before the Tribunal and accordingly, the same was filed on 08/12/2022. In the present case, the assessee received the impugned order on 30/06/2022. Thus, as per the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw and facts in confirming the action of the Ld. Assessing Officer who formed his opinion for escapement of income merely on the basis of information received from the Investigation wing of the 1. Tax Department Mumbai without making any enquiry at his end, thereby the assessment so framed u/s 147 r.w.s 143(3) of the 1. Tax Act becoming illegal, invalid and void ab initio and liable to be quashed. 3. The Ld. Commissioner of Income Tax (Appeals) (NFAC) erred in law and facts in restricting the addition to Rs. 3,50,162/- (25% of Rs. 14,00,650/-) thereby confirming the action of Ld. Assessing Officer in considering it to be a bogus purchase on the basis of information received from Investigation Wing of the Income Tax Department. Mumbai i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relying upon the information received from investigation wing, without making any inquiry whatsoever at his end, flouting the well-established principles laid down by various hon'ble High Court(s) as well as Hon'ble Supreme Court, thereby, the proceedings initiated under section 148 are invalid, illegal void abinitio. 7. The above grounds of appeal are without prejudice to one another. 8. The appellant craves leave to amend or alter any ground or add a new ground which may be necessary. 6. During the hearing, at the outset, the learned Authorised Representative ( learned AR ) wishes not to press grounds no.1, 2, 5 and 6 challenging the initiation of proceedings under section 147 of the Act. Accordingly, grounds no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 25% of the total purchases made from the aforesaid entity. 9. It is an admitted position that the Revenue has not challenged the partial relief granted by the learned CIT(A). Further, the sales made by the assessee have not been disputed by the Revenue. In the present case, as per the assessee, it purchased one loose polished diamond of 2.57 carats from M/s Mayank Impex for a total consideration of Rs.14,00,650, which was sold for Rs. 14,39,200. Thus, as per the assessee, it earned a gross profit of 2.75% on the above alleged non-genuine transaction, which has been offered for taxation. As per the report of the Task Force for Diamond Sector constituted by the Ministry of Commerce and Industry after considering the BAP (Benign Assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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