2021 (9) TMI 406

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....y Mehta-Ld. AR ORDER Manoj Kumar Aggarwal ( Accountant Member ) : - 1. Aforesaid appeal by revenue for Assessment Year 2011-12 is recalled matter since the appeal was dismissed on account of low tax effect vide common order dated 01/01/2016. However, the appeal has been recalled, at revenue's instance, vide MA No. 617/Mum/2019 order dated 06/03/2020 since the tax effect was found to be hi....

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....cts and in the circumstances of the case and in law, the Ld. CIT(A) erred in holding that out of the total bogus purchases of Rs. 30,67,002/- only 12.5% of bogus purchase may be confirmed being profit element in bogus purchase while the assessee failed to substantiate the claim of purchase with evidence. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has e....

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....ure was incurred to earn share of profit and further, in earlier years, similar disallowance as made by Ld. AO was deleted by first appellate authority. However, Ld. AO, applying Rule 8D, worked out aggregate disallowance of Rs. 248.77 Lacs including interest disallowance u/r 8D(2)(ii) for Rs. 232.49 Lacs and indirect expense disallowance u/r 8D(2)(iii) for Rs. 16.28 Lacs. 4.2 The Ld. CIT(A), a....

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....ng judicial pronouncement was squarely applicable to the fact of the case. Therefore, no fault could be found in the impugned order, in this regard. The ground raised by the revenue stand dismissed. 5. Addition on account of Alleged Bogus purchases 5.1 Pursuant to information received from Sale Tax Department, it was alleged that assessee made suspicious purchases of Rs. 30.67 Lacs from an e....