9911796707
TMI Blog2025 (1) TMI 1409X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee are as under: "1. Ld. CIT(A), NFAC, Delhi has erred in law and on fact to upheld addition of Rs. 10,87,021/- made by the Assessment Unit of IT Department rejecting the evidences filled before him during appellate proceedings by pressing Rule 46A of IT Act and ignoring the fact that evidences produce before him are going into the root of the issue and are very much essential to decide the case on merits, needs to be admitted. 2. Additional Ground: The ACIT has erred in law and on fact to reopen appellant's assessment u/s. 147, framing order u/s. 148A(d) and issue of notice u/s. 148 of the act merely on the basis of information of survey in the case of M/s. Aum Chains and Jewellery (Prop. Krushang Soni) that the said suppli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to furnish any of the documentary evidence in respect of the alleged purchases of Rs. 10,87,021/- made from M/s Aum Chains & Jewellery. The AO observed that purchases made by the assessee were not genuine but were arranged by the assessee to reduce its tax liability and therefore, the same needs to be disallowed u/s 37 of the Act. Penalty proceedings u/s 270A(9) was also initiated by the AO for mis-reporting of income for 'claim of expenditure not substantiated by any evidence'. The AO assessed the total income of Rs. 22,34,09,411/- against the returned income of Rs. 22,15,57,940/-. 4. Aggrieved by the order of AO, the assessee filed appeal before the CIT(A). During the appellate proceedings, the assessee was given three opportunities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said books of account were audited by independent CA. Copy of invoice issued in name of assessee by M/s Om Jewellers was also submitted. 6. On the other hand, the learned Senior Departmental Representative (ld. Sr. DR) of the revenue supported the order of lower authorities. 7. We have heard both the parties and perused the materials available on record. We have deliberated on case laws relied upon by the parties. The AO has made the addition by stating that assessee had not produced delivery challan as to when stock is received. The assessee also did not produce copy of bills and GST challan to show that purchases are genuine. He concluded that there were bogus sales by M/s Aum Chains and Jewellery and corresponding bogus purchase by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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