2022 (6) TMI 903

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....wapna Gokhale for the Appellant. Mr. Sanjiv M. Shah for the Respondent. P.C. : Heard learned counsel for the parties. 2. By this appeal filed under section 260-A of the Income Tax Act, 1961, the Appellant- Revenue has challenged the judgment and order dated 15 March 2017 passed by the Income Tax Appellate Tribunal. The relevant assessment year is 2011-12. 3. The Appellant- Revenue h....

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....he finding and conclusion of the Commissioner of Income Tax (Appeals) whereby the Commissioner (Appeals) directed the Assessing Officer to disallow 12.5% bogus purchases and to add 12.5% of the amount of purchases as income of the Appellant. The argument advanced is that the bogus purchases ought to have been disallowed in totality. The learned counsel for the parties have placed before us the dec....

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....erned, it was argued by the Appellant- Revenue that since the Respondent-Assessee had around 25 creditors whose payments were outstanding for more than three years and some transactions which are eight to nine years old, the same were barred by the provisions of the Limitation Act, 1963 and, therefore, they will have to be treated as Assessee's income and to be added under section 41(1) of the Inc....