TMI Blog2016 (5) TMI 1401X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is equally true that the assessee would not have been above to sell the goods without making purchases. It is quite possible that the assessee might have purchased the goods from gray market without proper receipts and in that process saved about 25% or so as the price of the goods in the gray market is lower than the price of the goods charged by the reputed dealers. In this view of the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be levied - Decided in favour of assessee. - ITA. Nos: 2827 to 2829/AHD/2011 - - - Dated:- 4-5-2016 - SHRI RAJPAL YADAV, JUDICIAL MEMBER SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER Appellant by : Shri Deepak R. Shah, AR Respondent by : Shri A.R. Rewor, Sr. D.R. ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. These three appeals by the Assessee are preferred against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal has accepted the purchases though the disallowance were restricted to the extent of 25% of the alleged bogus purchases. 5. The penalty has been levied accordingly. 6. Before us, the ld. counsel for the assessee stated that the entire additions on account of alleged bogus purchase was made on estimation and, therefore, this is not a fit case for the levy of penalty u/s. 271(1)(c) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per receipts and in that process saved about 25% or so as the price of the goods in the gray market is lower than the price of the goods charged by the reputed dealers. In this view of the matter, it would be proper to restrict the disallowance to the extent of 25% of the bogus purchases reportedly made by the assessee. The Assessing Officer is directed to restrict the addition to 25% of the bogus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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