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TMI Blog2018 (12) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... eal by the assessee is directed against the order of CIT(A)-14, Mumbai dated 29.09.2016 pertaining to the Assessment Year 2009-10, which in turn has arisen from the order passed by the Assessing Officer, Mumbai dated 30.10.2014 u/s 143(3) r.w.s 147 of the Income Tax Act, 1961 (in short 'the Act'). 2. In this appeal, the only issue is with regard to the addition of Rs. 14,86,450/- made to the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit element embedded in the unsubstantiated purchases is added to the returned income. Support has also been drawn from the judgements of the Hon'ble Gujarat High Court in the case of CIT vs Bholanath Poly Fab. (P.) Ltd., 355 ITR 290 (Guj.) and CIT vs Vijay M. Mistry Construction Ltd., 355 ITR 498 (Guj.). 5. On the other hand, the ld. DR has defended the orders of the authorities below an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the list of hawala dealers, i.e. parties who were merely issuing bills but not actually transacting in the goods stated therein. While the orders of the authorities below reveal that the purchases amounting to Rs. 14,86,450/- were not properly substantiated by the assessee, but it also reflects the plea of the assessee that the material corresponding to such invoices has been used by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cern, but from undeclared source in the grey market. Considering these aspects, in our view, it would be in the fitness of things that 12.5% of the impugned purchases be considered as an addition required to be made to the returned income in order to plug the leakage of revenue. Thus, we set-aside the order of CIT(A) and direct the Assessing Officer to restrict the addition to 12.5% of the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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