2024 (5) TMI 1132

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....For the Revenue : Shri. P.D. Chougule ORDER PER AMIT SHUKLA (J.M): The aforesaid appeals have been filed by the Revenue against separate impugned order of even date 31/10/2023 passed by NFAC, Delhi one in relation to the quantum of assessment passed u/s. 143(3) r.w.s. 147 and another in relation the penalty proceedings u/s. 271(1)(c). 2. In the quantum appeal, the Revenue has challenge....

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.... parties. The ld. AO noted that assessee had shown sales of Rs. 10,28,24,043/- as against the raw material consumed of Rs. 7,00,64,896/- and arrived at net profit of Rs. 1,12,48,703/- The ld. AO had made the entire addition on account of bogus purchases despite the source of purchases were from the books and assessee had submitted all the details. In the first appeal, the ld. CIT(A) after consider....

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....ly, we do not find any infirmity in applying the profit rate of 10% which is in line with the decision of the Hon'ble Bombay High Court in the case of PCIT vs. Jagdish Thakkar in Income Tax Appeal No.781 of 2018 dated 05/08/2022 and in the case of PCIT vs. S V Jiwani in Income Tax Appeal No.552 of 2018 order dated 03/10/2022. Accordingly, the appeal of the Revenue is dismissed. 5. In so far as ....