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TMI Blog2024 (11) TMI 500X X X X Extracts X X X X X X X X Extracts X X X X ..... der which Section of the Act, he is making the addition. Even FAA has not rejected the books of accounts. Therefore, in our considered opinion, the bills may be bogus but the purchases are genuine and the sales have been accepted on such purchases. Therefore, the addition @12.5% of the alleged bogus purchases, should meet the ends of justice. We accordingly direct the AO to restrict the addition t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tronically filed its return of income on 15/10/2010 declaring total income at Rs. 5,99,826/-. The return was processed u/s 143(1) of the Act and the returned income was accepted. 4. Subsequently, on the basis of information that the assessee is indulged in showing bogus purchase by taking accommodation/fictitious bills from certain entities/parties, the assessment was reopened and statutory notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the purchases from the aforementioned parties are bogus and drawing support from various judicial decisions, the AO made addition of Rs. 4,02,359/- being 25% of the alleged bogus purchases. 4.3. Assessee carried the matter before the ld. CIT(A) and reiterated that the purchases are genuine. 5. After considering the facts and the submissions, the ld. CIT(A) was of the opinion that the AO erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r giving a thoughtful consideration to the orders of the authorities below, we are of the considered view that the AO has neither rejected the books of accounts nor has specified as to under which Section of the Act, he is making the addition. Even the ld. First Appellate Authority has not rejected the books of accounts. Therefore, in our considered opinion, the bills may be bogus but the purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X
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