2024 (4) TMI 882

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.... order dated 30th March, 2015, under Section 143(3) of the Income-tax Act, 1961 (the Act) r.w.s 147 of the Act passed by the Dy. Commissioner of Income Tax, 6(1)(1), Mumbai (the learned Assessing Officer) was partly allowed. The assessee is aggrieved with the appellate order wherein the addition to the extent of 12.5% amounting to Rs. 24,20,213/- of total alleged bogus purchases of Rs. 1,93,61,702/-, was partly allowed. 02. The assessee has raised following grounds of appeal:- ""1) In the facts and the circumstances of the case and in law, the learned Assessing Officer erred in reopening the assessment u/s 147 merely on the basis of change of opinion, presumption and surmises and borrowed satisfaction and recording reasons in re....

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.... information was received that assessee has purchased only the bills from five different parties amounting to Rs. 193,61,702/-, which are only accommodation bills. Therefore, notice under Section 148 of the Act was issued on 13th March, 2014. Notice under Section 143(2) of the Act was issued on 3rd September, 2014. The assessee was asked to produce the relevant information to prove the genuineness of the purchases. The learned Assessing Officer further issued notices under Section 133(6) of the Act to the alleged parties, where most of the notices were returned back being unserved. Some of the parties refused to or denied any transaction with the assessee company. The learned Authorized Representative was apprised of the same. The assessee ....

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....rchases. 06. The assessee is aggrieved with the same and is in appeal before us. The learned Authorized Representative submitted that assessee has shown the quantitative details of purchases and also corresponding sales or consumption which has been noted by the learned Assessing Officer in the assessment order itself. Despite this fact the addition is made in the hands of the assessee at the rate of 12.5% by the learned CIT (A). He submitted that the Hon'ble Bombay High Court as in case of Pr. CIT-17 vs. Mohammad Haji Adam & Co. [2019] 103 taxmann.com 459 (Bom) has also directed to bring to tax only gross profit rate as applied in other genuine purchases. 07. The learned Departmental Representative submitted that Hon'ble Bomb....