2026 (3) TMI 1180

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.... 'the Act'] arising out of assessment order dated 25.03.2022 of the Ld. Assessing Officer u/s 147 r.w.s 144B of the Act for Assessment Year 2016-17. 2. Brief facts of the case are that the assessee filed his original return of income on 14.10.2016 declaring total income of Rs. 4,42,670/- along with computation of income, Auditors' Report and Audited Accounts of the assessee. Ld. AO on basis of incriminating and tangible information and after following due process, re-opened the assessee's case for assessment/reassessment u/s 147 of the Act. Accordingly, notice dated 31.03.2021 under section 148 of Income Tax Act was issued to the assessee. The assessee also received notice under section 142(1) dated 23.11.2021 and 07.01.2022 ....

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..... The learned CIT(A) has erred in not providing opportunity of personal hearing through VC in spite of repeated requests made by the assessee for the same. Therefore, the order so passed is in violation of principles of natural justice and deserves to be quashed. 4. Learned CIT(A) has erred in confirming addition of Rs. 1,38,32,272/- made u/s 69C for alleged bogus purchases and Rs. 1,47,20,000/- made u/s 68 for alleged bogus sales made by the assessee in spite of the fact that the assessee submitted all the bills for purchase and sales and entire purchases and sales were routed through bank account of the assessee. 5. Alternatively, the learned AO has erred in passing a high pitched assessment order by adding 100% of alleg....

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....d deserves to be quashed. 6.5 The learned AO has erred in giving only two days time to the assessee to give the reply of final show cause notice dated 22/3/2022, which is against all the principles of natural justice and assessment order passed on the basis of such show cause notice deserved to be quashed. 6.6 The learned AO has erred in charging huge interest of Rs. 86,07,721 under various provisions of Income Tax Act and in starting the penalty proceedings u/s 271(1)(c) of Income Tax Act. It is submitted that above grounds of appeal are legal grounds and in view of decision of Hon'ble Supreme Court in the case of National Thermal Power Co Ltd (229 ITR 383-SC) the assessee may be allowed to raise these ground....

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.... 0.02% of Sales by disallowing expenses. 6. Ld. Departmental Representative relied on order of Ld. CIT(A). 7. From examination of record, in light of aforesaid rival contention, it is crystal clear that Ld. CIT(A) vide order dated 29.04.2024 upheld order dated 25.03.2022 of Ld. AO making additions of Rs. 1,38,32,272/-u/s 69C in alleged bogus purchases and Rs. 1,47,20,000/- u/s 68 for alleged bogus sales made by assessee. During the course of assessment proceedings, assessee submitted copies of purchase/ sales bills of four parties namely (i) Sh. Parth International, (2) SA Agro International (3) Gunn Enterprises and Ridhi Sidhi Impex etc. All the payments were made or received from the parties through bank account and no payment was r....