TMI Blog2017 (6) TMI 1293X X X X Extracts X X X X X X X X Extracts X X X X ..... n line is that of Simit P. Seth (2013 (10) TMI 1028 - GUJARAT HIGH COURT) in which 12.5% of profit rate application on such like bogus purchases has been deemed to be correct. Following the same line of reasoning, It is held that in this instant case the addition has been correctly made by the appellant for failure on part of the appellant to duly produce The relevant third-party evidence and verification which was desired by the assessing officer. Accordingly the addition made is confirmed and the ground of assessee dismissed. - ITA No. 2569/M/2017 - - - Dated:- 21-6-2017 - SHRI D.T. GARASIA, JUDICIAL MEMBER For the Appellant : None For the Respondent : Shri B.S. Bist, D.R. ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Asian Steel 17,37,414/- 8. Kushal Steel Corporation 1,47,680/- 9. Bhagyalaxmi Steel Corporation 3,96,240/- 10. Revati Steel Traders 4,16,780/- 11. Laxmi Trading Co. 4,25,869/- 12. Sagar Steel Traders 10,22,320/- 13. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. During the course of hearing, the assessee did not remain present. Therefore, matter is decided on the evidence on record. I find that the Ld. CIT(A) has passed the order considering all the documents and all the facts which he narrated in paras 5 5.1 in his order which read as under: 5. The second addition is where the AO has not added the whole purchases but has rather worked out suppressed profits at the rate of 12.5%; in this case the addition is based on the fact that the assessee has not made available, the details of transportation of the material purported to have been purchased from the aforesaid hawala dealers, Ledger account conformations have not been furnished, how these products were utilised/con ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
