TaxTMI 
TaxTMI 
2026 (6) TMI 877
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.... against the assessment order passed under section 143 (3) of the income tax act, 1961 (the act) passed by the national e-Assessment Centre, Delhi (the learned assessing officer making an addition of Rs. 2,773,500 as non-genuine purchases added under section 69C read with section 115BBE of the income tax act 1961 was partly confirmed and appeal of the assessee was partly allowed. Thus, the only issue involved in this appeal of sustenance of the addition of Rs. 1,733,438/- out of the total addition of Rs. 2,773,500/- made by the learned assessing officer. 2. However, the appeal filed before us is late by 310 days for the reason that the date of the appellate order is 19 February 2024 which was stated to be received by the assessee also on....
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....referred an application for rectification of the appellate order, had these application was considered by the learned first appellate authority, perhaps the decision would have been different, as expected by the assessee, and therefore as an alternative remedy is being pursued which would have prevented this appeal under a bona fides belief, can be a sufficient cause for delay in filing of the appeal. Accordingly, the delay is found to be for sufficient cause, hence condoned, appeal admitted. 6. Briefly stated the facts of the case show that the assessee filed return of income on eighth of June 2021 at the returned income of Rs. 2,328,720 which was selected for complete scrutiny for the purpose of verification of the business purchases a....
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....the assessee at Rs. 5,102,219. 8. The assessee aggrieved with the same preferred an appeal before the learned CIT - A wherein the learned CIT - A was confronted with the further details and the judicial precedents wherein the learned CIT - A restricted the disallowance to the extent of 12.5% as against 20% made by the learned assessing officer and therefore the addition to the extent of 17,33,438/- was sustained. 9. The learned authorized representative submitted a paper book containing 165 pages wherein the assessee submitted the annual accounts of the assessee which were audited and also the show cause notice replies along with the written submissions dated 18 October 2023. He further referred to his written submission and also a ca....
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....regating to 1,21,975 kg, are supported by bills. The assessee has also recorded sales of Rs. 32.18 crores, and the purchases and sales are quantitatively reconciled. Closing stock and opening stock are also properly shown. 12. It is not the case of the Revenue that the assessee failed to maintain regular books of account, that the quantitative details do not tally, or that the records are unauthentic; indeed, these details are audited. Despite this addition was made on an ad hoc basis. The position may have been different had the Assessing Officer examined each purchase and found it to be non-genuine. However, in the present case, 20% of the purchases were disallowed despite audited quantitative records supporting the purchases and their....