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TMI Blog2024 (5) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... enuine trade could be added to the total income of the assessee. The coordinate Bench in the appellate order found that gross profit of non genuine purchases 7.64% whereas the gross profit of the assessee from other purchases is 7.89%, and therefore, the difference of 0.25% was added to the total income of the assessee. Therefore, the issue has been decided on the merits of the case in the appeal of the assessee arising out of the same appellate order. Appeal filed by the AO is dismissed. - Shri Prashant Maharishi, AM And Shri Raj Kumar Chauhan, JM For the Assessee : Shri Sunil Hirawat, AR For the Revenue : Shri H.M. Bhatt, DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Deputy Commissioner of Income Tax Circle 19 (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gus purchases of Rs. 3,42,65,843/-, without appreciating the fact that the purchases from bogus parties are debited in P L Account for which the assessed had not submitted any evidences, and the same was not allowable. 4. Whether on the facts and in the circumstances of the case and in law, the Ld CIT(A), has erred in reducing gross profit @ 7.89% as against the 100% addition made by the Assessing officer on account of bogus purchases of Rs. 3,42,65,843/-, ignoring the fact that the assessee has tried to substantiate its claim as to genuineness of the alleged purchases with the help of book entries and documents prepared by itself, which were only unilateral acts of the assessee and especially when contrary evidences were on records in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rading and manufacturing in diamonds. Search and survey action was conducted on 3/10/2023 on Bhawarlal Jain and group by DCIT (investigation), Mumbai. Based on this, the learned assessing officer received information that accommodation entries have been provided by various dealers operated by the accommodation entry provider to the assessee and assessee is also one of the beneficiaries from those dealers. Thus, the assessment was reopened by issue of notice under section 148 of the income tax act to bring to tax the escapement of income on account of bogus purchases. During the course of assessment proceedings the assessee was asked to prove the genuineness of the purchases made from various dealers. The assessee submitted details on 28/11/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchases was confirmed. 07. At the time of disposal of the appeal filed by Assessee, it has not been brought to the notice of the Bench that assessing officer has also filed an appeal in ITA No. 3901/Mum/2023 on 1/11/2023. Had it been shown to the coordinate Bench, perhaps the appeal of the assessee as well as of the learned AO would have been decided together. Neither the assessee, nor the AO or the registry brought it to the notice of the Bench. Thus appeal of assessee got disposed of. 08. However, while deciding the appeal of the assessee, coordinate bench has relied upon the decision of the honourable Bombay High Court in case of principal Commissioner of Income Tax versus Monmouth Haji Adam and company in ITA No. 1004 of 2016 dated 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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