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TMI Blog2020 (10) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... is an appeal filed by the revenue. The relevant assessment year is 2011-12. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-55, Mumbai [in short 'CIT(A)'] and arises out of assessment u/s. 143(3) r.w.s. 147 of the Income Tax Act. 1961(the Act). Though the case was fixed for hearing on 21/09/2020, neither the assessee nor his Authorized Representative (AR) appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.) 1 DAKSHA ENTERPRISES 82,825 2 PAYAL ENTERPRISES 4,54,287 TOTAL 5,37,112 On the basis of the above information, the AO reopened the assessment by issuing notice u/s.148 of the Act. During the course of reassessment proceedings, in response to the notice u/s.143(2) & 142(1), the assessee filed before the AO copies of (i) bank statements for the financial year 2010-11, evidencin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion in CIT vs. Bholanath Poly Fab (P.) Ltd. (2013) 355 ITR 290 (Guj.) directed the AO to estimate profit @12.5% on the disputed purchases of Rs. 5,37,112/-. 4. Before us, the Ld. DR submits that as the assessee failed to file before the AO stock register, delivery challans, lorry receipts, octroi payment, quantity tally, there was no sufficient compliance during the course of assessment proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment of the Hon'ble Gujarat High Court in Bholonath Poly Fab (P) Ltd. (supra) and directed the AO to estimate the profit @ 12.5% embedded in the disputed purchases of Rs. 5,37,112/-. In view of the above facts, we uphold the order of the Ld.CIT(A). 6. In the result, the appeal filed by the revenue is dismissed. Order pronounced through notice board under rule 34(4) of the Income Tax (Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
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