2025 (1) TMI 1294

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....g the addition only to the extent of 7%. Accordingly, she submits that substantial questions of law as framed in paragraph 4 of the appeal memo arise; therefore, this appeal may be admitted. 3. Mr. Om Kandalkar, learned counsel for the Respondent, defends the impugned ITAT order based on the reasoning reflected therein. He refers to paragraph 7 of the ITAT order and points out that there was no clear finding on the alleged bogus purchases. He submits that in similar circumstances, the Coordinate Benches of this Court in Income Tax Appeal Nos.1662 of 2018 and 1753 of 2018 declined to interfere. 4. The rival contentions now fall for our determination. 5. We have considered the rival contentions and perused the material on record. ....

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....ame allegedly appears in the list of bogus dealers of Sales Tax Authorities, no independent inquiry has been conducted by the AO. It is a fact on record, before the AO as well as the first appellate authority, assessee has produced not only its books of account but purchase and sale invoices, ledger accounts, bank statements to prove the genuineness of purchases. The assessee has also produced statement showing quantitative tally of purchases made, consumption made in manufacturing process as well as sale of finished products with reference to the purchase and sales invoices. On a careful reading of the assessment order, we have not found any defect or discrepancy pointed out by the AO in such quantitative tally. It is also a fact that the ....