2025 (7) TMI 1510

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....he Income Tax Appellate Tribunal, "A" Bench, Kolkata, in ITA No.929/Kol/2023 for the assessment year 2012-13. The revenue has raised the following substantial questions of law for consideration: "i) Whether on the facts and circumstances of the case, the Learned Tribunal was justified in law to delete the addition of Rs.47,03,192/- made under Section 69C of the Income Tax Act, 1961 on account of bogus purchases by holding that application of Section 69C of the Income Tax Act, 1961 is incorrect in a case of bogus purchase which was found to be made from unverifiable sources based on credible investigation? ii) Whether on the facts and in the circumstances of the case, the Learned Tribunal was justified in law in deciding....

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....e ground of bogus billing in the guise of purchases to the tune of Rs.38,75,000/- from M/s. Chakradhari Industries. The assessee responded to the notice issued under Section 148 of the Act and filed their return of income. The re-assessment proceedings were concluded by order dated November 27, 2019 making an addition under Section 69C of the Act on account of bogus expenditure to the tune of Rs.47,03,192/-. The appeal filed by the assessee before the Commissioner of Income Tax (Appeals), [CIT(A)] was dismissed. The assessee carried the appeal before the learned Tribunal. The learned Tribunal has first taken up the issue as to whether the reopening of the assessment was legally valid. In this appeal we are not required to go into this as....

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....to be not genuine. The assessee also took a stand that the purchases made from the said Industries were genuine purchases of raw materials which were further consumed in the production of finished goods and the assessee is assessed under the Act for several years and they have been added under section 44AB of the Act and on perusal of which it is clear that the assessee maintains purchase register and stock register as it is a manufacturing concern. The specific stand of the assessee was that the goods purchased had been used for manufacturing of finished goods and this aspect was not disputed by the Assessing Officer. Furthermore, the assessee was able to prove that the goods purchased is sold and the sale price is duly received and record....