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1. This appeal filed by the appellant-revenue for the
assessment year 2010-11 was admitted on 29 January 2025
on the following substantial question of law:-
“(i) Whether the Tribunal after accepting that this a case of bogus
purchases, could have proceeded to determine profit rate without
confirming the disallowance of purchases, without considering the
provisions of Section 69C of the Income Tax Act, 1961 and without
considering the decision of the Gujarat High Court in the case of
N.K. Industries Ltd. Vs. Deputy Commissioner of Income Tax,
(2016) 72 taxmann.com 289 since the Special Leave Petition
against the said decision was dismissed by the Hon’ble Supreme