2024 (3) TMI 91

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....this appeal was called for hearing neither anyone appeared on behalf of the assessee nor was any application seeking adjournment filed. Therefore, in view of the above, we proceed to dispose off the present appeal ex-parte, qua the assessee after hearing the learned Departmental Representative ("learned DR") and on the basis of material available on record 3. In this appeal, the Revenue has raised the following grounds:- (1) "Whether on the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in restricting the addition made by the Assessing Officer amounting to Rs. 9,88,30,860/- to Rs. 5,21,60,876/- without any reason & without appreciating the ratio of the decision of the Hon'ble Supreme Court in ....

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....essee was processed under section 143(1) of the Act. Subsequently, on the basis of information received from DGIT (Investigation), Mumbai that the assessee is a beneficiary of accommodation entries by way of bogus purchases from the entities, which are controlled by Rajendra Jain Group, proceedings under section 147 of the Act were initiated and notice under section 148 of the Act was issued and served on the assessee. During the reassessment proceedings, the assessee was asked to show cause as to why the amount of purchase of INR 9,88,30,860 from the aforesaid entities should not be added to its total income for the year under consideration. In response thereto, the assessee reiterated that the purchases made are genuine transactions. Sinc....