9911796707
TMI Blog2024 (5) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... ELD THAT:- The Hon ble Gujarat High Court in the case of N.K. Industries Ltd.[ 2016 (6) TMI 1139 - GUJARAT HIGH COURT] has held that once it comes to a categorical finding that the amount represents alleged bogus purchases from bogus suppliers it is not incumbent to restrict the disallowance and thereby directed to make addition of 100% of the alleged bogus purchases. The SLP preferred by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after in short Ld. CIT(A) ] pertaining to A.Y. 2010-11. 2. The grievance read as under: - 1) The Ld. CIT-(A) is erred in confirming the addition of Rs. 63,70,738/- fully as bogus purchased @ 100% of such purchases. 2) The Ld. CIT-(A) is erred in considering the purchases as bogus in spite of the fact that, the sales made by the appellant was not doubted. 3) The Ld. CIT(A) at the time of passing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer came to know that the assessee has made bogus purchases from parties who are providing accommodation bills. On further probe, the Assessing Officer found that the assessee has failed to produce delivery challans, no supporting documents for acknowledgment of receipt of goods. The Assessing Officer was of the opinion that the assessee has furnished bogus bills / accommodation bills fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee could not establish the identity of the parties and genuineness of the said transactions. It is also true that the assessee never denied that it has procured the accommodation bills to give color of genuine purchases. All that we have to see is whether the Assessing Officer is justified in making 100% addition of the bogus purchase amount or he should have added only the profit margin earn ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
