2025 (8) TMI 1330

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....s under: "1. The Ld CIT, NFAC has erred and was not just and proper on the facts of the case and in law in not adjudicating the ground No. 1 regarding proceedings u/s 148 of the Act. 2. The Ld CIT, NFAC has erred and was not just and proper on the facts of the case and in law in not allowing deduction u/s 10AA. 3. The Ld CIT, NFAC has erred and was not just and proper on the fact of the case and in law in confirming the addition of Rs. 2,93,41,118/-. 4. The Ld CIT, NFAC has erred and was not just and proper on the facts of the case and in law in confirming the application of section 69C of the addition. 5. PRAYER 5.1 The proceedings u/s 148 being bad in low may be kindly quashed. 5.2 The deduction u/s 10AA may be kindly ....

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....e case was reopened u/s 147 of the Act on the basis of information received from the ACIT, CC4, Surat. The assessee had made purchase of Rs. 2,93,41,118/- from M/s Kriya which was a bogus concern managed by Rajendra Jain and Bhanwarlal Jain Group. The assessee was beneficiary of the above bogus purchase. Notice u/s 148 was issued on 30.03.2019 but assessee did not file any return in response to the said notice. The Assessing Officer (in short, 'AO') granted various opportunities which is tabulated in para 5 of the assessment order. There was non-compliance to all notices and only an unsigned undated xerox copy of audit report and 10A/10AA report was uploaded on 18.09.2019. Therefore, AO passed order u/s 144 r.w.s. 147 on 06.11.2019 ....

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....d by Kriya Impex for purchase of rough diamonds, copy of bank statement reflecting the payment made to Kriya Impex Pvt. Ltd. and copy of audit report in Form 3CD along with stock details. The Id. AR submitted that these details and documents were submitted before the AO and CIT(A) but the said authorities passed the orders without considering these details. The Id. AR also relied on various decisions and Circular issues by the CBDT. 9. On the other hand, the learned Senior Departmental Representative (Id. Sr. DR) of the revenue supported the order of lower authorities. He relied upon the decision of Rajasthan High Court in case of Goenka Jewellers vs. CIT, (2018) 100 taxmann.com 517 (Raj.) wherein it was held that where AO issued re-assess....