2021 (2) TMI 1068

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.... the Income Tax Act 1961, (the 'Act'). 2. The grounds of appeal filed by the assessee read as under : 1. On the facts, and in circumstances of the case, and in law, the Ld. CIT(A) erred in passing ex-parte order alleging no submission made without appreciating that the compliance with respect to submission was made on the website of Income-tax Department. 2. On the facts, and in circumstances of the case, and in law. the Ld. CIT(A) erred in confirming disallowance made by the Assessing Officer of purchases amounting of Rs. 624,920/- being 12.5% of total alleged bogus purchases of Rs. 4,999,365/- without making any independent inquiry by treating the purchases as bogus in nature on mere suspicion that the parties were li....

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....as made and whether action 69 of the Act will be applicable. 4) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not considering the order of the Hon'ble Supreme Court in the case of N. K, Protien Ltd. dated 16.01.2017, which is on the similar issue of bogus purchases and when the apex court order was already the law of land, when the Ld. CIT(A) pronounced its order on 07.12.2018. 5) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred by not following the Hon'ble Gujarat High Court decision in the case of CIT vs N.K. Industries (in income tax appeal No. 240 of 2009 vide order dated 26.02.2016) wherein 100% of the bogus purchases was held liable to ....

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....e to 12.5% of the disputed purchases mainly on the noncompliance by the assessee and also on facts of the case. 6. Before us, the Ld. counsel for the assessee submits that vide letter dated 30.11.2017 they had submitted before the AO the details of the said disputed purchases which are reproduced below:   Bifurcation Parties for which details received from the IT dept. Total Amount Fixed Assets Purchases (Balance Sheet) Other Purchases (P&L A/c) Total Meridian Trading Co. 20,61,689/- 16,05,749/- 4,55,940/- 20,61,689/- Globe Impex 26,00,882/- 6,87,366/- 19,13,516/- 26,00,882/- Littleworld Trade Impex Pvt. Ltd. 3,36,794/- --- 3,36,794/- 3,36,794/-   49,99,35/....