2023 (10) TMI 1020

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....AJESH KUMAR, ACCOUNTANT MEMBER: These are appeals preferred by the assessee against the order of Learned Commissioner of Income-tax (Appeals)-NFAC, Delhi [hereinafter referred to Ld. 'CIT(A)'] dated 18.07.2023 & 21.06.2023 for the Assessment Years (in short 'AY') 2013-14 & 2014-15, respectively. First, we take ITA No. 828/KOL/2023 for AY 2014-15. 2. The issue raised in ground no. 3 is agains....

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....use notice was issued to the assessee and the assessee furnished before the AO from time to time details/evidences as called for by the AO. However, the AO, by relying on the report of the investigation wing to the effect directors of M/s. Gajgamini Sales Pvt. Ltd. and M/s. Raipur Trading Pvt. Ltd. having admitted to be involved in providing accommodation entries, treated the purchases made from t....

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....ssee did not find favour of the AO and he applied a gross profit rate of 7.99% on the purchases thereby making an addition Rs. 1,32,877/- to the income of the assessee u/s 69C of the Act in the assessment framed. 4. In the appellate proceedings, Ld. CIT(A) simply confirmed the order of the AO on the same reasoning without considering the contentions and arguments of the assessee. 5. After he....

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....ny substantive basis is wrong and cannot be sustained. Accordingly, we direct the AO to delete the said addition by setting aside the order passed by Ld. CIT(A). 6. The other grounds were not pressed at the time of hearing and accordingly, they are dismissed as not pressed. 7. In the result, the appeal filed by the assessee is allowed. Now, we take ITA No. 827/KOL/2023 for AY 2013-14. ....