TMI Blog2015 (4) TMI 499X X X X Extracts X X X X X X X X Extracts X X X X ..... of account is upheld. Thus we hold that the addition qua these unverified purchases shall be restricted to 15%, accordingly, we direct the Assessing Officer to work out the disallowance. - Apropos the remaining expenditures i.e. telephone, travelling and conveyance, we find no infirmity in the orders of lower authorities, which are supported by the above mentioned judicial precedents. Except oral ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w as well as on the facts of the present case in not accepting the book result of the assessee though the same were better from the preceding year in all respect. 3. The learned CIT(A) erred in law as well as on the facts of the present case in upholding the disallowance of purchases @ 25% while holding unverifiable and consequently sustaining the addition of ₹ 970255/-. 4. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4, the Hon ble ITAT has taken a view that 15% of such unverifiable purchases of semi precious stones should be sustained. The facts of the present case, therefore, the Shri Anuj Kumar Varshney decision may be applied in the instant case. 3. Apropos telephone, travelling and conveyance expenses, it is pleaded that the expenditure was incurred wholly and exclusively for the purpose of business of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he material available on the record. This Bench in the case of Shri Anuj Kumar Varshney Ors. Vs. ITO Ors. In ITA No. 187/JP/2012 dated 22/10/2014 has held as under:- We have heard the rival contentions of both the parties and perused the material available on the record. As discussed in above cases, the material available on record established that in Jaipur, a rampant practice is in vogue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of account is upheld. Thus we hold that the addition qua these unverified purchases shall be restricted to 15%, accordingly, we direct the Assessing Officer to work out the disallowance. 7. Apropos the remaining expenditures i.e. telephone, travelling and conveyance, we find no infirmity in the orders of lower authorities, which are supported by the above mentioned judicial precedents. Exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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