9911796707
TMI Blog2025 (4) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Tax Appeal No. 723 of 2024 is for the Assessment Year 2012- 13 whereas, Tax Appeal No.789 of 2024 is for the Assessment Year 2009-10. For the sake of convenience, Tax Appeal No. 723 of 2024 is being taken up as the lead matter. 3. The brief facts of the case are as follows:- 3.1 The assessee is a firm, inter-alia, engaged in the business of import, processing, trading and export of diamond. The assessee had filed its return of income for the Assessment Year 2012-13, declaring a total income at Rs. 2,41,13,439/-. 3.2 The case was selected for scrutiny through Computer Assisted Scrutiny Selection (CASS). During the assessment proceedings, the Assessing Officer noticed that, as per the information received from the Investigation Wing, Mu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ombined order dated 28.06.2022, sustained the addition @ 6% of bogus purchases/accommodation entries in relation to the bogus purchases. 3.8. Further, a Miscellaneous Application, M.A. 63/SRT/2022, arising in ITA No. 919/AHD/2017, was filed pointing out a mistake in quoting the Assessment Year in the cause title of the Tribunal order dated 28.06.2022, which was allowed by order dated 14.08.2023, rectifying the error. 4. The present Tax Appeals are filed under section 260A of the Income Tax Act, 1961, by the Appellant, arising from the orders dated 28.06.2022 passed by the Income Tax Appellate Tribunal (hereinafter referred to as "the ITAT"), Surat, in ITA No. 919/AHD/ 2017 for the Assessment Year 2012-2013 and ITA No. 918/AHD/2017 for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and circumstances of the case in law, the Hon'ble ITAT has justified in restricting the addition to 6% without considering the judgment of Calcutta High Court of in the case of PCIT vs. Premlata Tekriwal (143 taxmann.com 173) involving similar issue of purchase of bogus concern to suppress profits wherein the court held that "since it was established that expenditure was unexplained/bogus, entire amount of bogus expenditure was to be added to income of Assessee 5. Whether on the facts and circumstances of the case in law, the Hon'ble tribunal is right in deleting the addition made by the AO on account of bogus purchase even though in the case of Mayank Diamonds Pvt Ltd. (2014 (11) TMI 812], the Hon'ble High Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain Group, the Tax Appeals of the Department have been dismissed where, the learned ITAT has assessed the disallowance at 6%, as has been done in the present case. In Tax Appeal No. 206 of 2024 decided on 07.01.2025 in the case of PCIT I Vs. Magnifique Gems Pvt. Ltd., as also in the present Respondent-Assessee's own case for the Assessment Year 2013-14, this Court by judgment and order dated 23.09.2024, in Tax Appeal No.832 of 2024, reported in [2024] 168 taxmann.com 528 (Guj.), has dismissed the aforesaid Tax Appeals by holding that no question of law arises in the facts of the case and no interference is called for in the conclusion and findings of the Tribunal. In that view of the matter, the present appeals are dismissed summarily hold ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
