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of <h1>Reassessment under Section 147: Additions for bogus purchases upheld after assessee fails to prove genuineness or appear</h1> <h3>Kanak Impex (India) Ltd Versus The Principal Commissioner of Income Tax 5 Mumbai.</h3> SC upheld the HC's decision sustaining additions on account of bogus purchases where the assessee failed to appear in reassessment proceedings or ... Bogus purchases - estimation of income - as decided by HC [2025 (3) TMI 230 - BOMBAY HIGH COURT] Assessee has not appeared in the re-assessment proceedings to discharge its onus on proving purchase transactions under consideration. HELD THAT:- Having heard the learned counsel appearing for the petitioner and having gone through the materials on record, we see no reason to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed. The Supreme Court addressed a Special Leave Petition (SLP) challenging a High Court order. At the outset, the Court condoned the delay in filing the SLP, expressly recording: 'Delay condoned.' After hearing counsel for the petitioner and examining the record, the Court concluded that there was no basis to exercise its discretionary jurisdiction under Article 136 of the Constitution. The Court specifically held that it saw 'no reason to interfere with the impugned order passed by the High Court.' Consequently, the SLP was dismissed. The Court further ordered that all pending applications in the matter, if any, stood disposed of, thereby bringing the entire proceeding before the Supreme Court to a close.
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