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TMI Blog2024 (7) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... eal by this court. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA And HONOURABLE MR. JUSTICE NIRAL R. MEHTA MRS KALPANA K RAVAL(1046) FOR THE APPELLANT(S) NO. 1 ORDER ( PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA ) 1. Heard learned advocate Mr.Rudram Trivedi for learned advocate Mrs.Kalpana K. Raval for the appellant. 2. This Tax Appeal is filed under Section 260A of the Income Tax Act, 1961 (for short the Act ) raising following substantial questions of law arising out of the judgment and order dated 28.01.2022 passed by the Income Tax Appellate Tribunal, Surat (for short the Tribunal ) in ITA No.284/SRT/2019 for the Assessment Year 2008-2009:- (i) Whether on the facts and in the circumstances of the case and in law, the Ld. Tribunal was ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of the assessee was therefore reopened and the assessment proceedings under Section 143(3) read with section 147 of the Act was completed on 21.03.2016 determining total assessed income at Rs. 3,46,14,559/- after making addition of Rs. 3,40,03,788/- on account of bogus purchase bills. 3.3. Being aggrieved, the assessee preferred an appeal before the CIT (Appeals), Surat, who, vide order dated 14.03.2019, partly allowed the appeal of the assessee confirming the addition @ 5% of the unexplained purchases of Rs. 3,40,03,788/-. 3.5. Feeling aggrieved, the Revenue preferred an appeal before the Tribunal. The Tribunal, by the impugned order dated 28.01.2022, partly allowed the appeal of the Revenue and restricted the disallowance at 6% of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we dismiss the appeal of the assesse including additional grounds raised by the assessee and partly allow the appeal of the Revenue. 6. This Court in case of Pankaj K. Choudhary (Supra) while dismissing the Tax Appeal No.617 of 2022 has held as under: 5. The Assessing Officer noticed the contentions of the assessee that confirmation, purchase bills, bank statement, stock register, copy of ITR were already filed. The Assessing Officer was, however, of the view that transactions were bogus and merely that it routed through the banking channel, was not sufficient to conclude that they were the genuine transactions. The contention of the assessee that he had not dealt with the Bhanvarlal Jain group was also negatived. The appellate Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owance is restricted to 12.5% of the impugned purchases for the assessment year in appeal. 5.2 The disallowance at 100% was made in the assessment order for the year under consideration to the tune of Rs. 4,34,00,343/-, which was reduced to 12.5% at Rs. 54,25,040/-. Thereafter, the issue was delat with by the appellate Tribunal. The appellate Tribunal endorsed to the view taken by the appellate Commissioner. It was observed that Assessing Officer failed to consider the evidence furnished by the assessee. 5.3 Considering the facts and relevant aspect, the Income Tax Appellate Tribunal partially allowed the appeal of the assessee to further reduce the disallowance at 6%. In so concluding, the Tribunal observed in paragraph No.21 as under, .du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidering overall facts and circumstances of the present case, we are of the view that disallowances @ 6% of impugned purchases / disputed purchases would be sufficient to meet the possibility of revenue leakage. In the result the ground No. 2 of appeal raised by the assessee is partly allowed and the grounds of appeal raised by revenue are dismissed. 6. The view taken and the conclusion arrived at by the appellant Tribunal are based on material before it and after analysing the facts and figure available before it. When the Tribunal has thought it fit to reduce the disallowance at 6% from 12.5%, the Tribunal had before it the facts which were duly analysed by it. No interference is called for in the said conclusion and findings of the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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