9911796707
TMI Blog2024 (10) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... oney given towards purchases was flown back to the assessee. AO has accepted the sales. Accordingly, we are of the view that the impugned addition cannot be sustained, in the facts and circumstances of the case. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and direct the AO to delete the addition relating to alleged bogus purchases. Appeal filed by the assessee is allowed. - Shri B.R. Baskaran, Accountant Member And Shri Sunil Kumar Singh, Judicial Member For the Assessee : Shri Shalin Divatia For the Revenue : Mr. R.A. Dhyani, CIT-DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dated 15-12-2023 passed by Ld CIT(A), NFAC, Delhi and it relates to the assessment year 2012-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt and sale of materials. He submitted that there was no evidence to show that the payments made towards purchases have been received back in cash by the assessee. Accordingly, the Ld A.R contended that there is no reason to suspect the purchase of materials. He further submitted that the AO has made addition for the profits only, meaning thereby, he has accepted the receipt of materials. Accordingly, he submitted that there is no reason to make addition towards additional gross profit, when the purchases and sales recorded by the assessee have been accepted. 4. The Ld D.R, on the contrary, supported the order passed by Ld CIT(A). 5. We have heard rival contentions and perused the record. We noticed that the assessing officer has only es ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ills and payments were made by Account Payee cheque. Raj Impex also confirmed the transactions. There was no evidence to show that the amount was recycled back to the assessee. Particularly, when it was found that the assessee the trader had also shown sales out of purchases made form Raj Impex which were also accepted by the Revenue. No question of law arises. We notice that the facts are identical in this case. The assessee herein has furnished all details evidencing the purchases, confirmation from the suppliers, the details of sales made out of those purchases. There is no evidence to show that the money given towards purchases was flown back to the assessee. The AO has accepted the sales. Accordingly, we are of the view that the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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