2021 (6) TMI 577

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....n deleting the addition of Rs. 3,19,910/- made by the Assessing Officer on account of bogus purchases without appreciating the fact that parties from whom these purchases were made proven accommodation entry providers, as concluded by Sales Tax Authorities pursuant to the investigation carried out by them"? (2) "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in not considering the latest Apex Court Decision in the case of N.K. Protein Ltd. Vs. DCIT (769 OF 2017), wherein the Hon'ble Supreme Court has confirmed 100% addition made on account of bogus purchases ? (3) The appellant prays that the order of Ld. CIT(A) on the above grounds be reversed and that of the Assessing o....

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....ding to purchases made. However, no delivery challans or transportation details were submitted. The AO held that the appellant had failed to discharge his onus of proving the genuineness of the transactions. Since corresponding sales of purchases had been accounted for, the AO was of the view that the purchases have been made from undisclosed parties in the open market in cash but not from the above mentioned party from whom only bills were obtained. 4. Upon assessee appeal Ld. CIT(A) deleted the addition by giving a finding that in original assessment 15% disallowance has already been done. The Ld. CIT(A) held as under:- 6.1 In the original assessment income was assessed at Rs. 8,73,340/- by adding '5% of the alleged bogus ....