2022 (5) TMI 160
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....ferred by the assessee against order dated 25/09/2018 in appeal no. 311/2017-18 for the assessment year 2010-11 passed by the Commissioner of Income Tax Act, -27, New Delhi (hereinafter referred to as the ld. First Appellate Authority in short 'Ld. F.A.A.) in appeal pending before it against order dated 18.12.2017 passed u/s 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as....
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.... wing, the Ld. AO held that ; "4. In view of the above facts of the case, it is clear that the assessee company had reduced its income by claiming bogus expenses on account of purchases from M/s Kothari Impex amounting to Rs. 82,18,178/- and amounting to Rs. 57,03,607/- from M/s Khushi Gems Pvt Ltd to inflate expenses. Therefore, the above amount totaling to 1,39,21,785/- is hereby treated as as....
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....e total income of the assessee company for the year under consideration being 'unexplained expenditure as per provision of Section 69C of the I.T. Act, 1961." 4. In appeal, Ld. CIT(A) had restricted the addition made by AO to Rs. 34,80,446 being 25% of the total bogus purchased amounting to Rs. 1,39,21,785/- While confirming the commission expenses of Rs. 2,78,435/-. 5. Now before Tribunal ....
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....ing 25% of 1,39,21,785/- by relying on the decision of Hon'ble High Court of Gujrat in the case of CIT vs Bholanath Poly Fab Pvt ltd 355 ITR 290. 4. That on the facts and circumstances of the case and in law the CIT(A) was not justified in sustaining the addition made by AO on account of alleged bogus purchase from M/s Kothari Impex and M/s Khushi Gems Pvt Ltd . 5. That on the facts and ....