TaxTMI 
TaxTMI 
2024 (5) TMI 1539
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....x Department, NFAC, (in short "Ld. AO"), u/s 143(3) dated 26.12.2022. 2. The grounds of appeal raised by the assessee are extracted as under: 1. On the facts and circumstances of the case and in law, the CIT(A) has erred in sustaining addition of Rs. 9,22,71,995 on bogus purchase of goods (i.e., copper scrap) when corresponding quantity of sales of such material has been accepted; sales of Rs. 14,45,07,596 has been accepted; books of account not been rejected; sec 145(3) not been applied; addition made is unjustified, is liable to be deleted. 2. On the facts and circumstances of the case and in law, of Rs. 9,22,71,995 on bogus purchase of goods (i.e. copper scrap); assessee is a 'trader'; resultant GP would be 6....
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....in sustaining addition of Rs. 9,22,71,995 made u/s 69C on bogus purchase of goods (i.e., copper scrap); assessee is a 'trader'; where sale of 'purchased goods' is not doubted, the 'corresponding purchases' could not be construed as 'bogus'; addition u/s 69C is not permissible in the eyes of law; is liable to be deleted; relied on Nikunj Eximp Enterprises (P) Ltd (2013) (Bom HC). 6. On the facts & circumstances of the case and in law, the CIT(A) has erred in sustaining application of sec 115BBE (i.e., higher rate of tax); nature & source of impugned purchases has been explained from corresponding sales of such material; it relates to business transactions only which is recorded in the books of account....
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..... 10.01.2024 25.01.2024 No reply 2. 08.02.2024 15.02.2024 No reply 3. 16.02.2024 26.02.2024 Appellant requested for adjournment for submissions 4. 22.02.204 08.03.2024 No reply 6. All notices were sent by registered mail. Sufficient opportunity has been afforded to the appellant. It appears that, the assessee is not interested pursuing in its appeal. The law aids those who are vigilant, not those who sleep upon their rights. This principle is embodied in the well-known dictum, VIGILANTIBUS ET NONDORMIENTIBUS JURA SUB VENIUNT". 7. The provisions of Sec. 250(6) provides that the appellate orders of CIT(A) are to state the points arising out of assessee's appeal. The order shal....
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.... HIGH COURT OF MADHYA PRADESH, Misc. Civil Case No. 302 of 1991 7. U-LIKE PROMOTERS vs. ASSISTANT COMMISSIONER OF INCOME TAX, ITAT, DELHI "H" BENCH, ITA Nos. 1569 to 1572/DeL/2009 9377 to 3379/Del/2012; Asst. yrs. 1989-99 to 2004-05 11. In view of the above explained rationale, the appeal stands dismissed. 4. As the appeal of the assessee against the addition of Rs. 9,22,71,995/- by the Ld. Assessing Officer on account of bogus purchases for which during the course of assessment proceedings, the assessee was unable to furnish complete documentary evidence in support of genuineness of the impugned purchase transactions. It is the observations of Ld. AO, that the concerned parties (sellers) have also not submitted any res....
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....ter thoughtfully considering the material available on record, instead of disposing of the same on account of non-prosecution on the part of the assessee. We, therefore, are of the considered view to set aside the appeal in ITA No. 184/RPR/2024 to the files of Ld. CIT(A) to decide the issues therein on their merits considering the material available on record, after affording reasonable opportunity to being heard to the assessee. 8. Our aforesaid view is duly supported and fortified by the judgment of Hon'ble Bombay High Court in the case of CIT vs. Premkumar Arjundas Luthra (HUF) reported in [2016] 240 taxman 133, wherein Hon'ble Bombay High Court on the aforesaid issue, has held as under: It is very clear once an appea....