TaxTMI 
TaxTMI 
2017 (3) TMI 1818
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....elating to the issue are that the assessee filed return of income on 14.9.2009 declaring total income of Rs. 30,01,620/-. The assessee is engaged in the business of selling of steel bars, roads and angles on wholesale basis.The return of the assessee was processed under section 143(1) of the Act on 25.5.2011. The AO received information from the Sales Tax Department, Government of Maharashtra that during the year that during the year some persons have provided bogus bills to the some tax payers without doing any actual business and also filed affidavits before the Sales Tax Department confirming the acts committed by these parties in respect of bogus bills provided to the beneficiary of such bogus bills. The name of the assessee also appear....
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....vided to the assessee as accommodation entries and accordingly the AO treated the amount of Rs. 25,07,989/- as bogus purchases to suppress the profits. Accordingly, the assessing officer added an amount of Rs. 25,07,989/- to the total income of the assessee being unsubstantiated purchases. Aggrieved by the order of the AO the assessee preferred an appeal before the first appellate authority. 4. In the appellate proceedings, the assessee submitted details of purchases and sales including year wise sales, G.P., GP%, NP and NP% which is incorporated in the appellate order. On the basis of detailed contentions and submissions supplied by the assessee during appellate proceedings, the ld. CIT(A) gave relief to the assessee to the extent of 60% ....
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....hah in ITA No.5246/Mum/2013 (AY-2010-11) dated 5.3.2015 and D) ITO V/s Paresh Arvind Gandhi in ITA No.5706/Mum/2013 (AY-2010-11) dated 13.5.2015 E) ACIT V/s Tarla R Shah in ITA No.5295/Mum/2013 (AY-2010-11) order dated 2.2.2016 6. On the other hand, the ld. DR, relied heavily on the orders of authorities below by submitting that the assessee was one of the beneficiary who took bills provided by the hawala which was affirmed on oath in the statement made before the Sales Tax Authorities, GOM that they were engaged in the supply of bills without actually supplying any material and therefore the AO has rightly made the addition and upheld by the FAA. 7. We have carefully considered the rival contentions, perused the material placed befor....