9911796707
TMI Blog2024 (9) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... AO) under section 143 (3) read with section 147 of the income tax act, 1961 (the act) dated 30/11/2017 were dismissed. 2. In both the appeals the issue is with respect to the addition on account of bogus purchase of Rs. 2,430,272 and 35,67,407/- paid by the learned assessing officer under section 69C of the act whereas the learned CIT - A has dismissed the appeal upholding the addition of hundred percent of such bogus purchases. 3. The brief facts for assessment year 2010 - 11 shows that assessee filed his return of income on 23/6/2010 declaring a total income of Rs. 593,230/-. As the information was received that assessee has obtained the bogus bills from Bhagwati trading company of Rs. 3,567,407/- as per the information provided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee was reopened by issue of notice under section 148 of the act on 30/3/2017. The assessee on 4/4/2017 reiterated the original return. Therefore the notice under section 143(2) was issued on 17th/7/2017. During the course of assessment proceedings the assessee was found to have been engaged in the business of trading environment steel items. Notice under section 133 (6) was issued to the bogus purchase bills provider. Such notices were returned back unserved. Therefore the assessee was also asked to produce the invoices, stock register, delivery challans, lorry receipts et cetera in support of the genuineness of the purchases. Assessee was also asked to produce the party. The inspector report was also obtained wherein it was stated that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence between the gross profit only. He also produced the quantitative details of purchases and sales. 7. The learned departmental representative vehemently supported the orders of the learned lower authorities and stated that it is not the case of the bogus purchase invoices obtained by the assessee but the goods have never been received by the assessee therefore there is no question of any sales. Therefore the orders of the lower authorities are sustainable. 8. We have carefully considered the rival contention and perused the orders of the lower authorities. Undisputed fact shows that the assessee is engaged in the business of trading of irony and steel in his proprietary concern. Assessee has produced the invoices, payment to the part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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