TaxTMI 
TaxTMI 
2026 (2) TMI 1372
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.... 2. The assessee has raised the following grounds of appeal: 1. That on the facts and circumstances of the case and in law, the order dated 19.2.2025 passed by the Ld. CIT(A) under section 250 of the Act is erroneous and bad in law. 2. That on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in sustaining the addition of Rs. 40,76,476/- out of Rs. 1,39,60,535/- made by the AO under section 69C on account of bogus purchases. 3. That on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in sustaining the addition of rs. 40,76,476/- being 3.65% of the total purchases made from M/s R.K. Polymers on an estimation basis. 4. That on the facts and circumsta....
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....fictitious input tax credit. However, no specific information, material, or adverse evidence in this regard was ever confronted or provided to the appellant, thereby violating the principles of natural justice. 8. That on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has failed to appreciate that the Assessee had furnished all cogent and corroborative evidence to substantiate the genuineness of the purchases, and the same remained uncontroverted by the AO. 9. That on the facts and in the circumstances of the case and in law, the CIT(A) has failed to appreciate that the assessee had furnished all cogent and corroborative evidence to substantiate the genuineness of the purchases, and the same rema....
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....udice to each other. 17. The assessee craves leave to add, amend, alter, remove, rescind, forgo or withdraw any of the above grounds of appeal, which are without prejudice to one another, before or at the time of hearing of the appeal in the interest of natural justice. 3. Brief facts of the case are that the assessee is engaged in the business of trading in raw material for CPVC Pipe industry since 2016 under the name of "Deepjyoti Enterprises". The assessee had filed its original return of income u/s. 139(1) of the Act on 31.8.2022, declaring an income of Rs. 56,16,900/-. Thereafter, the assessee's case was selected in scrutiny due to the information received from DG-GST (Intelligence) that a search has been conducted on Royal....
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....as erred in sustaining the addition of Rs. 40,76,476/- being 3.65% of the total purchases made from M/s R.K. Polymers on an estimation basis. It was further submitted that no addition can be made on estimation basis without rejecting the books of accounts, as held by the Hon'ble Delhi High Court in the case of PCIT vs. Forum Sales Pvt. Ltd. - 2024:DHC:1693-DB. It was further submitted that CIT(A) has also erred in upholding the addition based on a satisfaction which is borrowed in nature without appreciating that the AO failed to apply his independent mind while forming an opinion, thereby rendering the proceedings void ab initio. It was further submitted that Ld. CIT(A) has erred in upholding the assessment without appreciating that the ca....
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....own case for AY 2019-20 passed in ITA No. 3552/Del/2025 wherein, identical ground was adjudicated in favour of the assessee. Hence, he requested to follow the same ratio, the appeal of the assessee be allowed. 5. Ld. DR relied upon the orders of the authorities below. 6. We have heard the rival contentions and gone through the facts and circumstances of the case. Before us, Ld. AR has filed the Paper Book containing pages 1-628 and drew our attention especially towards Serial No. 19 (Pages 188- 626), wherein it has been submitted that assessee filed its submission on 4.2.2025 before the CIT(A) alongwith the annexures viz. (a) copy of invoices, e-way bills and transporter invoices, (b) copy of ledger of M/s RK Polymers in the books of ....
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.... issue in favour of the assessee by holding as under:- "5. I am of the considered opinion that the assessee has furnished the sample copies of purchase invoices together with the e-way bills and the bank statement evidencing the fact of payment made to the suppliers by account payee cheque. The revenue was not able to bring on record any material or evidence to show that there had been cash withdrawal in the account of M/s RK Polymers, which had surfaced back to the assessee after the receipt of cheque from the assessee. No evidence has been brought on record by the revenue to prove that assessee had indeed made purchase of goods in grey market by paying cash and substituted the same by showing purchase from M/s RK Polymers. The as....