2018 (10) TMI 1341

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ut properly appreciating the facts of the case that Ld. Assessing Officer made a disallowance of 12.5%, after due enquiries of alleged bogus purchases of Rs. 14,97,817/- following certain judicial pronouncements and after considering all the material produced during the course of assessment proceedings. 2. Ld. Pr. CIT erred in not considering the facts (i) that assessment was reopened based on informations received from DGIT (Inv) Wing, Mumbai with regards to purchases under reference, such information not being based on any evidence hence reopening of the assessment was not as per law. (ii) All purchases are duly supported with bills issued by suppliers (iii) payment being made by account payee cheques (iv) the suppliers are assessed to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was of the opinion that the A.O. has not properly applied his mind. The ld. CIT referred to Hon'ble Gujarat High Court decision in the case of N K Industries vs, Dy CIT (in Income Tax Appeal No. 240 of 2003, vide order dated 20.06.2016) wherein 100% disallowance on bogus purchase was done and the SLP against the said order has been dismissed by the Hon'ble Apex Court. Hence, the ld. CIT has set aside the issue to the file of the A.O. stating that the same was erroneous insofar as it is prejudicial to the interest of the Revenue. The A.O. was asked to pass an order on the issue mentioned in the earlier parts of his order after giving the assessee an opportunity of being heard. 5. Against this order, the assessee is in appeal before us. ....