2024 (6) TMI 1368

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ISHI, AM: 01. This appeal is filed by Income Tax Officer, Ward 19(3)(1), Mumbai for A.Y. 2009-10, against the appellate order passed by the National Faceless Appeal Centre, Delhi [the learned CIT (A)] dated 8th November, 2023, wherein the appeal filed by the assessee against the reassessment order passed under Section 147 read with section 143(3) of the Act on 4th March, 2015, by the learned Asse .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rocessed under Section 143(1) of the Income-tax Act, 1961 (the Act). 03. On the information received from DGIT (Investigation) on 26th December, 2013, it was communicated that assessee has made purchase of Rs. 42,32,703/- from 8 different parties, who are involved in providing bogus purchase bills. Notice under Section 148 of the Act was issued on 3rd March, 2014 and the reasons were communicated .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he made the addition at the rate of 25% of such bogus purchases amounting to Rs. 10,58,175/- to the total income of the assessee computing the assessed income at Rs. 11,69,270/- by assessment order dated 4th March, 2015. 04. The assessee is aggrieved with the same preferred the appeal before the learned CIT (A), who after elaborate discussion following judicial precedents, held that the rate det .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ions and perused the orders of the lower authorities. Undoubtedly, the assessee could not prove the genuineness of the purchases which are found in the information received from the DGIT Investigation. However, the purchase of Rs. 42,32,703, were shown by the assessee by a chart showing that the purchases from these parties have also gone into sales of the equal quantity. The assessee has also got .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d to furnish the requisite information before the learned Assessing Officer demonstrate the gross profit of bogus purchases and gross profit of required basis. 07. In the result, the appeal filed by the learned Assessing Officer is dismissed and cross objection of the assessee to the above extent is allowed. Order pronounced in the open court on 27.06.2024.
Case laws, Decisions, Judgements, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X