2024 (9) TMI 856

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.... (Addl.CIT) Sr. (DR) ORDER PER PRASHANT MAHARISHI, AM: 1. This appeal is filed by the assessee against the appellate order passed by the National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year (A.Y.) 2012-13 dated 10.06.2024 wherein the appeal filed by the assessee against the reassessment order passed u/s. 143(3) read with section 147 of the Income Tax Act, 1961 (the Act) d....

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....148 was issued on 29.03.2019 which was responded by the assessee. On 02.04.2019 by filing the return of income at the original return. Subsequently, the notices u/s. 143(2) and 142(1) of the Act were issued. The reason for reopening was also provided to the assessee, which was objected to and duly disposed off on 24.10.2019. 4. The assessee was asked to explain the transaction of purchase from ....

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....s of the transaction. Reassessment order was passed on 09.12.2019 determining the total income of the assessee at Rs. 58,25,830/- 5. The assessee challenged the same before the learned CIT(A). The learned CIT(A) following the various judicial precedent of ITAT in the case of Vipul Diamond restricted the addition to the extent of 4% of the bogus purchases of Rs. 30,67,810/-. The assessee is aggr....

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....e learned CIT(A) to 4% relying on judicial precedents of ITAT. Now we have binding juduicial precedents of Honourable Bombay High court in Mohommad Haji Adam & Co. [2019] 103 taxmann.com 459 (Bombay). We find that the assessee has shown the N.P. @ 5.97% on total purchases of Rs. 367,24,497/-. Out of that the tainted purchases are stated to be Rs. 30,67,810/-. The assessee has shown that the goods ....