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TMI Blog2024 (11) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... irmity in the order of the Ld.CIT(A), in following the binding precedent in the case of M/s. Mohd. Haji Adam Co., [ 2019 (2) TMI 1632 - BOMBAY HIGH COURT] of the Hon ble jurisdictional High Court, instead of following the decision of the Hon ble Gujarat High Court in the case of N.K. Proteins Ltd. [ 2016 (6) TMI 1139 - GUJARAT HIGH COURT] SLP against which has been dismissed by the Hon ble Supreme Court summarily. Accordingly, the grounds raised by the Revenue are dismissed. - Shri Om Prakash Kant, Accountant Member And Shri Sunil Kumar Singh, Judicial Member For the Assessee : Shri Sunil Hirawat For the Revenue : Smt. Mahita Nair, Sr.DR ORDER PER OM PRAKASH KANT, A.M : This appeal by the Revenue is directed against order dated 25-01-2024 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arlal Jain Group , the AO recorded reason to believe that income escaped assessment and issued notice u/s. 148 of the Income Tax Act, 1961 (in short the Act ). In the re-assessment completed, the AO held purchases amounting to Rs. 1,75,67,000/- from the parties, namely, Mohit Enterprises, Mayur Exports and Mukti Export as bogus and made addition for that amount. On further appeal, the Ld.CIT(A) deleted the addition made by the AO following his finding for the AY. 2010-11. The relevant finding of the Ld.CIT(A) for the AY. 2010-11 is reproduced as under: 6.6 The appellant vide his submissions dated 13.01.2022 attached affidavit filed by M/s. Mohit Enterprises and M/s. Mayur Exports before AO. who have confirmed that they have made sales of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 1004 of 2016], it is held that the AO should restrict the addition/disallowance to the extent of bringing the gross profit rate on the impugned bogus purchases at the same rate of the other genuine purchases declared by the appellant. This decision of Hon'ble Jurisdictional High Court has been followed by Hon'ble ITAT Mumbai in cases of Concorde International ITA 4235/Mum/2018 and Sobhagmull Gokalchand Jewellers ITA 3767 did 31.07.2019 6.8 In view of the totality of facts and circumstances of the case, and the prevailing position of law applicable, as discussed in preceding paragraphs, it is found that the facts of the case and issue involved in the captioned appeal remains the same, accordingly, relying on the judgment of Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowance of bogus purchases is involved. The AO made disallowance of entire amount of alleged bogus purchase but the Ld.CIT(A) has restricted the addition/disallowance in respect of bogus purchases to the extent of gross profit earned on non-bogus purchases at the rate of gross profit earned by the assessee on non bogus purchases, following the binding precedent of the Hon ble Delhi High Court in the case of M/s. Mohd. Haji Adam Co., in ITA No. 1004 of 2016. Therefore, the limited issue before us is whether the ld CIT(A) was required to follow the decision of Hon ble Supreme Court in the case of N.K. Proteins Ltd., vs. DCIT (supra). In our opinion, it is undisputed that Special Leave Petition in the case of N.K. Proteins Ltd., (supra) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a non-speaking order does not justify any inference that, by necessary implication, the contentions raised in the Special Leave Petition on the merits of the case have been rejected by the Supreme Court. It has been further held that the effect of a non-speaking order of dismissal of a Special Leave Petition without anything more indicating the grounds or reasons of its dismissal must, by necessary implication, be taken to be that the Supreme Court had decided only that it was not a fit case where Special Leave Petition should be granted. In Union of India v. All India Services Pensioners Association. this Court has given reasons, for dismissing the Special Leave Petition. When such reasons are given, the decision becomes one which attra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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