2019 (2) TMI 534

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....oner of Income Tax. 2. Brief facts are as under:- (a). Petitioner is a Private Limited Company. For the assessment year 2011-12, the petitioner had filed return of income declaring total income of Rs. 58.82 crore (rounded off). This return was taken in scrutiny by the Assessing Officer during which information was received by the Assessing Officer from the investigation made, conveying that the petitioner company had obtained bogus purchase bills / accommodation entries from one Shri. Bhanwarlal Jain and group entities. The Assessing Officer passed order of assessment under Section 143(3) of the Income Tax Act, 1961 ("the Act" for short) on 23.3.2015 in which he had added a sum of Rs. 84.70 lacs (rounded off) to the total income of the a....

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....GP at the same rate being the profit embedded in the amount of accommodation entires. Subsequently, an another information was received from the DCIT, CC-4, Surat informing that the assessee has taken accommodation entires in the form of bogus purchase from M/s. Krishna Diam, amounting to Rs. 7,47,293/- during the FY 2010-11. The case was reopened and the reassessment proceedings u/S. 143(3) r.w.s. 147 of the Act, were completed on 2.3.2016 reassessing the total income on the case at Rs. 60,25,52,540/- an addition of Rs. 63,968/- was made being 8.56% Rs. 7,47,293/-. In view of the decision of the Hon. Supreme Court, in the case of M/s. N.K. Inds. wherein, the Hon'ble Apex Court, upheld the entire amount of Bogus purcha....

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.... to the notice of the Assessing Officer despite which, the Assessing Officer passed the order of assessment without waiting for such period. We had, therefore, at the outset inquired with the learned counsel for the Revenue as to the reasons for this slip on the part of the Assessing Officer. In response to the same, Mr. Suresh Kumar tendered an additional affidavit dated 25.1.2019 filed by the Assessing Officer. Firstly, citing the reason of high pressure of work for oversight and secondly has tendered unconditional apology. We, therefore, close this issue. 4. Nevertheless the passing of the Assessment Order dated 12.12.2018 in defiance of the order of this Court in Asain Paints (supra) cannot be accepted. This is more so as the petitio....