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Income Tax Officer-32 (1) (5) , Mumbai Versus Shri Hiren C Parekh, Prop M/s Asiatic Metals and Alloys

Addition u/s 69C - unexplained expenditure in respect of bogus purchases - G.P. determination - Held that:- We find that the assessee has raised the issue in the cross-objection that the addition sustained towards GP on bogus purchases at the rate of 12% over and above, the GP of 7.5% already declared by the assessee. The AR submitted before the Bench that the CIT(A) has erred in sustaining 12% of GP on such bogus purchases without allowing any credit towards gross profit rate already declared b .....

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ITA No.01/Mum/2015, Cross-Objection No.17/Mum/2017 - Dated:- 7-6-2017 - Shri Mahavir Singh, JM And Shri Rajesh Kumar, AM Assessee by : Ms.Snehal R Shah Revenue by : Shri M C Omi Ningshan ORDER Per Rajesh Kumar, A. M. These cross-appeals by the respective parties are directed against the order dated 17.10.2014 passed by the ld.CIT(A)-35, Mumbai for the assessment year 2010-11. 2. Various grounds have been raised by the revenue in this appeal wherein common issue is against the deletion of additi .....

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ogus purchases which worked out to ₹ 8,57,760/- and prayed that in view of the decision in the case of CIT V/s Simit P Seth (356 ITR 451) Gujarat High Court the addition should be restricted to 3,39,530/- on the ground that the assessee has already reflected GP margin of 7.25% and balance needs to be sustained and not at the rate of 12%. 4. During the course of assessment proceedings, the AO found that the assessee has made total purchases of ₹ 2,03,55,145/- and accordingly called up .....

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same were returned unserved with the postal remarks addressee are not known and unclaimed. Therefore, the AO added the same to the total income of the assessee for the reasons that the parties were not genuine and all purchase made by the assessee were in doubt. 5. In the appellate proceedings, the ld.CIT(A) partly allowed the appeal of the assessee by sustaining the 12% of such purchases as GP by observing and holding as under : 3. Decision: I have gone through the facts of the case, finding of .....

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e not found at the given address and they also featured in the list of suspected parties of the Sales Tax Department. The appellant, while giving the account payee cheques, statements, confirmations, ledger accounts of the' sellers and also giving quantitative details in terms of sales made etc however, has also been unable to provide with any actual delivery challans of any of the goods transported during the year'. In the light of the above facts 'where the factor of ,purchases is .....

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