CIT v. Bholanath Poly Fab. Pvt. Ltd.

355 ITR 290High Court2013#73 most cited

What is CIT v. Bholanath Poly Fab. Pvt. Ltd. authority for?

If an assessee makes purchases from bogus parties, but the underlying goods are genuinely acquired and sold, only the profit margin embedded in such purchases, and not the entire value of the bogus purchases, should be added to the assessee's income.

712

judgments rely on this decision, according to BharatTax’s citation analysis of 371,887 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Bholanath Poly Fab · 355 ITR 290 · bogus purchases · accommodation entry · unexplained expenditure · profit margin · gross profit rate · section 37(1) · section 68 · section 153A · genuineness of purchases · entire purchases addition

Sections most often in play

Section 143(3)Section 148Section 147Section 37(1)Section 153ASection 132Section 133(6)Section 68

Issues it is cited on

section 292csection 44absection 69csection 131commissioner (appeals)section 132(4)accommodation entrysection 145section 37(1)section 133(6)escapement of incomeunexplained expenditure

Judgments citing CIT v. Bholanath Poly Fab. Pvt. Ltd.

Sunjewels Private Limited, Mumbai vs. 11(2)(2), Mumbai

In the result, the appeal filed by the Assessee is partly allowed,

ITA 4062/MUM/2024[2017-18]Status: DisposedITAT Mumbai28 Feb 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry, Jm & Smt Renu Jauhri, Am आयकर अपील सं./Ita No.4062/Mum/2024 (िनधा"रण वष" / Assessment Year :2017-18)

For Appellant: Shri Ravikant PathakFor Respondent: Shri Swapnil Sawant, Sr. DR
Section 142(1)Section 143(3)Section 250

…be made @ 100% in the bogus purchase cases. 13. On the contrary, the Ld. A.R. has claimed that the decision of the Ld. Commissioner is based on the judgment of the same High Court in the case of CIT vs. Simit P. Sheth 356 ITR 051 and Bholenath Fab Pvt. Ltd. 355 ITR 290 (Guj.) as mentioned by the Ld. Commissioner in para number 5.9 of the impugned order and therefore the appeal of the Revenue Department is liable to be dismissed. 14. We have given thoughtful consideration to the peculiar facts and circumstances of the case. It is a settled law, as observed by the Ld. Commissioner that the estimation varies with…

Income Tax Department, Mumbai vs. Perry Impex, Mumbai

In the result, the appeals in ITA No

ITA 6984/MUM/2024[2009-10]Status: DisposedITAT Mumbai27 Feb 2025AY 2009-10

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Himanshu Gandhi,ARFor Respondent: Shri Mahesh Pamnani(Sr. DR)
Section 143(3)Section 147Section 148

…es from the open/grey market and accepted the bills from Bhanwarlal Jain Group. 4.2.5 In this regard, it is apt to refer to certain discussions dealing with similar issue. The decision of Hon’ble Gujarat High Court in the case of Bholanath Poly Fab Pvt. Ltd. 355 ITR 290 (Guj.) where the Hon’ble Court was dealing with the finding of Hon’ble ITAT that purchases were made from bogus parties, nevertheless the purchases themselves were not bogus as the entire quantity of opening stock, purchases and sales were tallying and hence, only the profit margin embedded in such amount be subjected to tax. The Hon’ble Gujarat…

ACIT-19(1), Mumbai vs. Perry Impex, Mumbai

In the result, the appeals in ITA No

ITA 6983/MUM/2024[2011-12]Status: DisposedITAT Mumbai27 Feb 2025AY 2011-12

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Himanshu Gandhi,ARFor Respondent: Shri Mahesh Pamnani(Sr. DR)
Section 143(3)Section 147Section 148

…es from the open/grey market and accepted the bills from Bhanwarlal Jain Group. 4.2.5 In this regard, it is apt to refer to certain discussions dealing with similar issue. The decision of Hon’ble Gujarat High Court in the case of Bholanath Poly Fab Pvt. Ltd. 355 ITR 290 (Guj.) where the Hon’ble Court was dealing with the finding of Hon’ble ITAT that purchases were made from bogus parties, nevertheless the purchases themselves were not bogus as the entire quantity of opening stock, purchases and sales were tallying and hence, only the profit margin embedded in such amount be subjected to tax. The Hon’ble Gujarat…

Perry Impex, Mumbai vs. DCIT-Circle 19(1), Mumbai

In the result, the appeals in ITA No

ITA 6800/MUM/2024[2011-12]Status: DisposedITAT Mumbai27 Feb 2025AY 2011-12

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Himanshu Gandhi,ARFor Respondent: Shri Mahesh Pamnani(Sr. DR)
Section 143(3)Section 147Section 148

…es from the open/grey market and accepted the bills from Bhanwarlal Jain Group. 4.2.5 In this regard, it is apt to refer to certain discussions dealing with similar issue. The decision of Hon’ble Gujarat High Court in the case of Bholanath Poly Fab Pvt. Ltd. 355 ITR 290 (Guj.) where the Hon’ble Court was dealing with the finding of Hon’ble ITAT that purchases were made from bogus parties, nevertheless the purchases themselves were not bogus as the entire quantity of opening stock, purchases and sales were tallying and hence, only the profit margin embedded in such amount be subjected to tax. The Hon’ble Gujarat…

Perry Impex, Mumbai vs. DCIT-Circle 19(1), Mumbai

In the result, the appeals in ITA No

ITA 6799/MUM/2024[2009-10]Status: DisposedITAT Mumbai27 Feb 2025AY 2009-10

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Himanshu Gandhi,ARFor Respondent: Shri Mahesh Pamnani(Sr. DR)
Section 143(3)Section 147Section 148

…es from the open/grey market and accepted the bills from Bhanwarlal Jain Group. 4.2.5 In this regard, it is apt to refer to certain discussions dealing with similar issue. The decision of Hon’ble Gujarat High Court in the case of Bholanath Poly Fab Pvt. Ltd. 355 ITR 290 (Guj.) where the Hon’ble Court was dealing with the finding of Hon’ble ITAT that purchases were made from bogus parties, nevertheless the purchases themselves were not bogus as the entire quantity of opening stock, purchases and sales were tallying and hence, only the profit margin embedded in such amount be subjected to tax. The Hon’ble Gujarat…

S Gandhi Jewellery Private Limited, Indore vs. PCIT-1, Indore

Appeal is allowed

ITA 311/IND/2024[2017-18]Status: DisposedITAT Indore21 Feb 2025AY 2017-18

Bench: Shri B.M. Biyani & Shri Dinesh Mohan Sinhaassessment Year: 2017-18 S. Gandhi Jewellery Pcit-1, Private Limited, Indore C/O Adv. Hitesh Chimnani, बनाम/ Ug-37 Trade Centre, Vs. 18, South Tukoganj, Indore (Assessee/Appellant) (Revenue/Respondent) Pan: Aamcs1613G Assessee By Shri Hitesh Chimnani, Ar Revenue By Shri Ram Kumar Yadav, Sr. Dr Date Of Hearing 10.02.2025 Date Of Pronouncement 21.02.2025

Section 143(2)Section 143(3)Section 147Section 263

…ase and sales transactions done by assessee, etc. and taking into account the decisions of ITAT, Mumbai in Shri Madhukant B. Gandhi Vs. ITO, ITA No. 1950/Mum/2009 dated 23.02.2010 and Hon’ble Gujrat High Court in CIT Vs. Bholanath Ply Fab. Pvt. Ltd. (2013) 355 ITR 290, made addition of 12.50% profit qua the alleged bogus purchases of Rs. 1,55,00,000/-. Therefore, there is nothing like absence of enquiry or Page 5 of 12 S Gandhi Jewellery Private Limited ITA No. 311/Ind/2024 – AY 2017-18 inadequate enquiry by AO, in fact the AO has considered entire material and thereafter framed assessment. Therefore, the…

Surender Singh Sharma, Sonipat vs. Income Tax Officer, Sonipat

In the result, all the appeals of the assessee as well as the revenue are partly allowed

ITA 1320/DEL/2024[2008-09]Status: HeardITAT Delhi13 Feb 2025AY 2008-09

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

For Appellant: Shri Gaurav Jain, AdvFor Respondent: Smt Kranti, CIT (DR)
Section 143(3)Section 148Section 149(1)(b)

…emned by the Learned CIT(A) and gross profit percentage was reduced by Learned CIT(A) to 12.5% based on the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P Sheth reported in 356 ITR 451 (Guj) and CIT vs Bholanath Polyfab P Ltd reported in 355 ITR 290 (Guj), among other decisions. 11. We find that the assessee had in the revised computation of income for various assessment years had further claimed deduction on account of business promotion expenses of Rs 5,84,67,950 and other business related expenses of Rs 1,63,97,796. The submission of the assessee is that the said business promotion and o…

Mohd Shareef, Moradabad vs. ITO Ward -1(1), Moradabad

In the result, all the appeals of the assessee as well as the revenue are partly allowed

ITA 1107/DEL/2024[2017-18]Status: DisposedITAT Delhi30 Jan 2025AY 2017-18

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

For Appellant: Shri Gaurav Jain, AdvFor Respondent: Smt Kranti, CIT (DR)
Section 143(3)Section 148Section 149(1)(b)

…emned by the Learned CIT(A) and gross profit percentage was reduced by Learned CIT(A) to 12.5% based on the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P Sheth reported in 356 ITR 451 (Guj) and CIT vs Bholanath Polyfab P Ltd reported in 355 ITR 290 (Guj), among other decisions. 11. We find that the assessee had in the revised computation of income for various assessment years had further claimed deduction on account of business promotion expenses of Rs 5,84,67,950 and other business related expenses of Rs 1,63,97,796. The submission of the assessee is that the said business promotion and o…

Shri Devendra Thakershibhai Thakkar, Ahmedabad vs. The ITO, Ward-3(2)(1), Ahmedabad

In the result the appeal of the assessee is allowed

ITA 587/AHD/2020[2013-14]Status: DisposedITAT Ahmedabad09 Jan 2025AY 2013-14

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.587/Ahd/2020 िनधा"रण वष" /Assessment Year : 2913-14 Devendra Thakershibhai The Ito बनाम/ Thakkar Ward-3(2)(1) V/S. Prop. Of Prism Agri Ahmedabad – 380 015 Tradelink Ravjipura Nava Bazar, Bavla Tal: Dascroi Ahmedabad – 380 057 "थायी लेखा सं./Pan: Aospt 8109 B अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri Mehul Thakkar, Ar Revenue By : Shri Rignesh Das, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 08/01/2025 घोषणा की तारीख /Date Of Pronouncement: 09/01/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri Mehul Thakkar, ARFor Respondent: Shri Rignesh Das, Sr.DR
Section 144Section 145(2)

…ks of accounts and estimated the profit at 0.1% of the gross turnover. The CIT(A) relied on the judgment of Hon’ble Jurisdictional High Court in the case of CIT v. Bholanath Poly Fab Pvt. Ltd. Shri Devendra Thakershibhai Thakkar vs. ITO Asst. Year : 2013-14 (355 ITR 290), holding that only the profit portion of any bogus transactions should be taxed. The CIT(A) thus reduced the addition to Rs. 11,68,431/- but did not provide specific reasons for rejecting the books of accounts despite the verification by the AO. 3. Aggrieved by the order of CIT(A) the assessee filed an appeal before us with following grounds of…

Shivam Readymix Private Limited, Neemuch vs. The PCIT(Central), Jaipur

In the result, the appeal of the assessee is allowed

ITA 412/JPR/2024[2013-14]Status: DisposedITAT Jaipur12 Nov 2024AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Tarun Mittal (C.A.)For Respondent: Ms. Alka Gautam (CIT)
Section 143(3)Section 153ASection 153DSection 263Section 69C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBkSM+ deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 412/JPR/2024 fu/kZkj.k o"kZ@Assessment Years : 2013-14 cuke Shivam Readymix Private Limited The PCIT (Central), Vs. 25, Jawahar Nagar, Kamal Chowk, Jaipur. Meemuch-458441, Madhya Pradesh. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAMCS9840B vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Tarun Mittal…

Aro Equipments Private Limited, Gurgaon vs. ACIT, Circle-3(1), New Delhi

In the result, the Appeal of the Assessee is dismissed

ITA 2514/DEL/2023[2010-11]Status: DisposedITAT Delhi05 Nov 2024AY 2010-11

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.

Section 148

…the assessee. So much is clear by the decision of this court. In particular, the court has also taken a similar view in the case of CIT v. Vijay M. Mistry Construction Ltd. [2013] 355 ITR 498 (Guj) and in the case of CIT v. Bholanath Poly Fab (P.) Ltd. [2013] 355 ITR 290 (Guj). The view taken by the Tribunal in the case of Vijay Proteins Ltd. v. Asstt. CIT [1996] 58 ITD 428 (Ahd.) came to be approved. 8. If the entire purchases were wholly bogus and there was a finding of fact on record that no purchases were made at all, counsel for the Revenue would be justified in arguing that the entire amount of such bogus p…

Deputy Commissioner of Income Tax, Central Circle-4, Jaipur vs. Sunder Das Sonkiya, Jaipur

In the result, both appeals of the revenue are dismissed

ITA 454/JPR/2024[2013-14]Status: DisposedITAT Jaipur09 Oct 2024AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. R. Sharma, CA &For Respondent: Sh. Anup Singh, Addl.CIT
Section 143(1)Section 143(2)Section 143(3)Section 148

…rder dated January 10, 2011 passed in Tax Appeal No. 1090 of 2009-since reported in [2013] 355 ITR 498 (Guj) and in the case of CIT v. Bholanath Poly Fab P. Ltd. vide order dated October 23, 2012, passed in Tax Appeal No. 63 of 2012 – since reported in [2013] 355 ITR 290 (Guj).” Recently the ITAT, Jaipur Bench, Jaipur in case of Vijay Kedia (HUF) Vs. ACIT (ITA No. 197 & 248/JP/2016) decided on 29-01-2018 held as under: - “We further noted that when the corresponding sale is not in dispute then the question is only regarding the correct amount of purchases and verification of the same. The Ld. DR has relied upon…

Deputy Commissioner of Income Tax, Central Circle-4, Jaipur vs. Sunder Das Sonkiya, Jaipur

In the result, both appeals of the revenue are dismissed

ITA 453/JPR/2024[2012-13]Status: DisposedITAT Jaipur09 Oct 2024AY 2012-13

Bench: Moving Towards The Facts Of The Case We Would Like To Mention That The Revenue Has Assailed The Appeal In Ita No.453/Jp/2024 On The Following Grounds; “(I) Whether On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Is Justified In Deleting The Addition Of Rs.43,33,606/- Without Appreciating The Fact That Assessee Has Shown Bogus Purchase Of Rs 1,73,34,424/- During The Year From A Bogus Concern. 3

Section 132Section 143(1)Section 143(2)Section 148

…rder dated January 10, 2011 passed in Tax Appeal No. 1090 of 2009-since reported in [2013] 355 ITR 498 (Guj) and in the case of CIT v. Bholanath Poly Fab P. Ltd. vide order dated October 23, 2012, passed in Tax Appeal No. 63 of 2012 – since reported in [2013] 355 ITR 290 (Guj)." Recently the ITAT, Jaipur Bench, Jaipur in case of Vijay Kedia (HUF) Vs. ACIT (ITA No. 197 & 248/JP/2016) decided on 29-01-2018 held as under: - “We further noted that when the corresponding sale is not in dispute then the question is only regarding the correct amount of purchases and verification of the same. The Ld. DR has relied upon t…

M/S. Mukka Proteins Limited (Formerly Know As Mukka Sea Food Industries Ltd., Mangalore vs. Deputy Commissioner of Income Tax, Central Circle-1, Mangalore

ITA 435/BANG/2024[2017-18]Status: DisposedITAT Bangalore03 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

Section 132Section 132(4)Section 153ASection 153DSection 234A

…not in dispute that sales have been accepted as genuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non-genuine. The Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

M/S. Mukka Proteins Limited (Formerly Know As Mukka Sea Food Industries Ltd., Mangalore vs. Deputy Commissioner of Income Tax, Central Circle-1, Mangalore

ITA 434/BANG/2024[2016-17]Status: DisposedITAT Bangalore03 Jul 2024AY 2016-17

Bench: Shri Chandra Poojari & Shri Keshav Dubey

Section 132Section 132(4)Section 153ASection 153DSection 234A

…not in dispute that sales have been accepted as genuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non-genuine. The Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

M/S. Mukka Proteins Limited (Formerly Know As Mukka Sea Food Industries Ltd., Mangalore vs. Deputy Commissioner of Income Tax, Central Circle-1, Mangaluru

In the result, appeals of the assessee in ITA Nos

ITA 431/BANG/2024[2013-14]Status: DisposedITAT Bangalore03 Jul 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Sri Narendra Sharma, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 132Section 132(4)Section 153ASection 153DSection 234A

…not in dispute that sales have been accepted as genuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non-genuine. The Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

ITO-19(3)(1), Mumbai vs. Shankarlal Bhimraj Bhansali, Mumbai

In the result, appeal is dismissed

ITA 807/MUM/2024[2010-11]Status: DisposedITAT Mumbai25 Jun 2024AY 2010-11

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

For Appellant: NoneFor Respondent: Shri P.D. Chougule, SR. D.R
Section 250

…of purchases. 5.2 . It is the considered opinion that when the sales have been accepted as genuine the entire purchases cannot be treated as non- genuine. Following the binding precedent of Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] wherein it was held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 981/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…terial had not been taken into consideration. In the absence of any material to the contrary being pointed out on behalf of the Revenue, the order of the Tribunal could not be found fault with.” (ii) Further in the case of CIT Vs. Bholanath Poly Fab (P) Ltd. 355 ITR 290 the Hon’ble Gujarat High Court has held as under: “Held, dismissing the appeal, that whether the purchases themselves were bogus or whether the parties from whom such purchases were allegedly made were bogus was essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee did purchas…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 980/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…terial had not been taken into consideration. In the absence of any material to the contrary being pointed out on behalf of the Revenue, the order of the Tribunal could not be found fault with.” (ii) Further in the case of CIT Vs. Bholanath Poly Fab (P) Ltd. 355 ITR 290 the Hon’ble Gujarat High Court has held as under: “Held, dismissing the appeal, that whether the purchases themselves were bogus or whether the parties from whom such purchases were allegedly made were bogus was essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee did purchas…

DCIT, Central Circle-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 944/DEL/2022[2017--18]Status: DisposedITAT Delhi30 May 2024

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…terial had not been taken into consideration. In the absence of any material to the contrary being pointed out on behalf of the Revenue, the order of the Tribunal could not be found fault with.” (ii) Further in the case of CIT Vs. Bholanath Poly Fab (P) Ltd. 355 ITR 290 the Hon’ble Gujarat High Court has held as under: “Held, dismissing the appeal, that whether the purchases themselves were bogus or whether the parties from whom such purchases were allegedly made were bogus was essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee did purchas…