2024 (6) TMI 103

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....NDER KUMAR CHOUDHRY (JM) :- In the instant case, the Assessing Officer vide assessment order dated 5.3.3015 under section 144 read with section 147 of the I.T. Act made the addition of Rs. 10,88,165/- under section 69C of the Act, on account of fictitious invoices in the name of bogus parties and added the same to the total income of the assessee. The Assessee being aggrieved, challenged the sa....

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....oughtful consideration of the peculiar facts and circumstances of the case. No doubt, purchases made by the assessee have been proved as bogus purchases based on the fictitious invoices by the authorities below. However, it is settled law that entire amount of alleged bogus purchases cannot be added/disallowed in entirety but the profit element embedded therein can only be considered for making ad....