2017 (12) TMI 1687

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.... AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER For the Appellant : Shri O.P. Pathak, Joint CIT For the Respondent : Urvashi Shodhan, A.R. ORDER PER BENCH: The above captioned appeals are cross appeals by the assessee and Revenue preferred against separate orders of the CIT(A), Baroda pertaining to assessment years 1992-93, 1993-94, 1994-95, 1995-96, 1996-97, 1997-98. All these appeals we....

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....s treated certain purchases as bogus purchases but at the same time he has accepted the corresponding sale made out of such bogus purchases. 5. Further, the general principle of accounting says all expenses have to be debited and all income has to be credited and since the purchases are debit entries, we fail to understand how a debit entry has been treated as income of the assessee. When the m....

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.... present case are identical to those of M/s. Indian Woolen Carpet Factory (supra) or Vijay Proteins Ltd. (supra). In the present case the Tribunal has categorically observed that the assessee had shown bogus purchases amounting to Rs. 2,92,93,288/- and taxing only 25% of these bogus claim goes against the principles of Sections 68 and 69C of the Income Tax Act. The entire purchases shown on the ba....