2023 (4) TMI 678

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....hri Abhishek Kumar - Sr AR. ORDER PER BENCH: These appeals filed by the assessee are directed against the two different orders of the Commissioner of Income-tax (Appeal)-2, Thane [hereinafter called, Ld.CIT(A)] dated 26/10/2016 and order of the National Faceless Appeal Centre (NFAC), Delhi dated 21/09/2021 for the assessment years 2011-12 and 2010-11, respectively. Since common issue on i....

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....ce could be made on the date of hearing of the case because of the expiry of one of the close relatives of the assessee. Thereafter, the miscellaneous application of the assessee was allowed vide order dated 27/12/2022 recalling the order under rule 24 of the Income-tax (Appellate Tribunal) Rules, 1963. 3. The fact in brief are that during the course of assessment proceedings, the Assessing Off....

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....ition of entire bogus purchases, however, did not doubt the sales made against such purchases. We observe that the Tribunals in various decisions have held that where sales are not disputed, entire alleged bogus purchases cannot be disallowed and only the gross profit on the alleged purchases to be disallowed. After taking into consideration the various decisions of the Tribunal that no penalty un....