2023 (7) TMI 1469

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....No. 673 of 2018 and ITXA No. 750 of 2018 came up for hearing on or about 4th August 2022 and by a judgment pronounced on 21st October 2022 these two appeals were disposed. The judgment pronounced on 21st October 2022 reads as under : Both these appeals under Section 260A of the Income Tax Act, 1961 ("the Act") challenge the order dated 05 th  July, 2017, passed by the Income Tax Appellate Tribunal, Bench "B", Pune ("ITAT") in Income Tax Appeal No.1408/PUN/2015 relevant to the assessment year 2010-11 and Income Tax Appeal No.1409/PUN/2015 relevant to the assessment year 2011-12, respectively, whereby the appeals filed by the Revenue have been dismissed. 2. The facts and issues arising in both these appeals are identica....

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....ether in the facts and circumstances of the case, and in view of the Hon'ble Supreme Court's judgment dated 16.01.2017 in the case of N.K. Proteins Ltd. Vs DCIT [2017] 84 taxmann.com 195 (SC), it was incumbent on the ITAT to restrict the addition made on account of Bogus Purchases', it having once come to a categorical finding that such total amount of addition made represented alleged purchases from bogus suppliers? 4. Briefly stated the material facts are as under: The Respondent assessee is engaged in the business of trading in industrial oil and transport services. A return of income was filed by the assessee declaring a total income at Rs.4,47,970/-. The Sales Tax Department of the Government of Maharashtra provided i....

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....e extent the gross profit rate was calculated at 5% as against 0.69% declared by the assessee, which had resulted in an addition of Rs.10,59,974/-. The Tribunal dismissed the appeal fled by the Revenue and allowed the appeal preferred by the assessee. It was held that the case of the Revenue was based on the investigation carried out by the Sales Tax Department only and that no cross-examination of the persons, whose names had figured in the list so prepared by the Sales Tax Department, was allowed. It was held that the A.O. had failed to complete the investigation in the case and that the affidavits and the confirmation letters fled by the assessee from three dealers from whom it had made purchases, were not inquired into at all and that t....