TMI Blog2017 (12) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... addition, if any, which has to be made in all such cases is to account for profit element embedded in such purchase transactions. The case law relied upon by Ld. CIT(A) could not be applied to the instant case as the said case law dealt with a search case where certain incriminating material was found which led to the additions in question. Therefore, we do not find any infirmity in the order of Ld. CIT(A) and see no reason to interfere with the same. Hence, by confirming the same, we dismiss revenue’s appeal. - I.T.A. No.2559/Mum/2014 - - - Dated:- 1-5-2017 - SHRI MAHAVIR SINGH, JM AND SHRI MANOJ KUMAR AGGARWAL, AM Revenue by : Naveen Gupta, Ld. DR Assessee by : Keyuri Desai, Ld. AR O R D E R Per Manoj Kumar Aggar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment recorded by the Sales Tax Department from the representative of alleged bogus supplier, AO rejected the claim of the assessee and came to the conclusion that the said purchases represented unexplained expenditure u/s 69C and made the impugned additions. 3. Aggrieved, the assessee contested the addition with partial success before Ld. CIT(A) vide impugned order dated 16/01/2014 wherein it contended that the said purchases were utilized in various projects undertaken by the assessee and the construction work could not be carried out without utilization of raw material and the assessee was in possession of requisite purchase documents and all payments were made through banking channels and therefore, the purchases were genuine. Further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en possible without actual consumption of material. 5. We have heard the rival contentions and perused the relevant material on record. After analyzing the various contentions of respective representatives coupled with observation / findings of Ld. CIT(A) and after appreciating factual matrix of the case, we find that the conclusion reached at by the Ld. CIT(A) is a reasonable and fair one in view of the fact that the purchases made by assessee were related to his construction work, the books were audited and the assessee was in possession of requisite purchase documents and all payments were made through banking channels. The Tribunal, invariably, in all such cases, have taken a stand that even if presuming that all purchases were bogus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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