2024 (5) TMI 1082

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....ad with section 147 of the Income-tax Act, 1961 (the Act) dated 11th December, 2019, was partly allowed. 02. The learned Assessing Officer has raised following grounds of appeal:- "1. Whether on the facts and circumstances of the case and in law, L.d. CIT(A) has erred in applying 3 years Gross Profit @ 16.45% as against the 100% addition made u/s 68 of the Income-Tax Act, 1961. by the Assessing Officer on account of Bogus Purchases of Rs. 4,22,34,640/- by ignoring the fact that DGIT(Inv.) had proved beyond doubt that the party M/s. Mayank Impex, a dummy entity of Rajendra Jain Group, who were involved in providing accommodation entry of Sales & purchases without actual delivery of goods and the assessee was one of the beneficiar....

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....ase and in law, the Ld. CIT (A) has erred in applying 3 years gross profit @ 16.45% as against the 100% addition made u/s 68 of the Income-Tax Act, 1961 on account of Bogus Purchases of Rs. 4,22,34,640/-, without appreciating the ratio in the decision of the Hon'ble Supreme Court in the case of N.K. Protein Ltd. Wherein the court has held that when the purchases are from bogus suppliers. the entire purchases are liable to be disallowed ? 6. Whether on the facts and circumstances of the case and in law, Ld. CIT(A) has erred in applying 3 years Gross Profit @ 16.45% as against the 100% addition made by the Assessing Officer on account of Bogus Purchases of Rs. 4,22,34,640/-, without appreciating the fact that in the case of Sweta....