TMI Blog2021 (1) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ement thereon. CIT(A) had reasonably estimated such profit element to be at 12.5% of the value of disputed purchases, which is prevalent rate adopted by this Tribunal in series of decisions considering the nature of industry in which the assessee is engaged in, which is also approved by the Hon ble Gujarat High Court in the case CIT vs Simith P.Sheth [ 2013 (10) TMI 1028 - GUJARAT HIGH COURT] - No infirmity in the order of the Ld.CIT(A) in this regard - Appeal of revenue dismissed. - ITA No. 3719/Mum/2018 - - - Dated:- 11-11-2020 - Shri Saktijit Dey, Judicial Member And Shri M. Balaganesh, Accountant Member For the Assessee : None For the Revenue : Shri V.Vinod Kumar, Sr.AR ORDER PER M. BALAGANESH (A.M): ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,231/- 2 Darshat Trading Pvt.Ltd ₹ 63,18,543/- 3 N.R.Traders ₹ 68,18,860/- Total ₹ 2,09,97,634/- 4. The Ld. AO directed the assessee to furnish the addresses of the aforesaid parties, which were duly furnished by the assessee. The Ld. AO issued notice u/s 133(6) of the Act to those parties which were returned back by the postal authorities and later the assesee was given due opportunity to prove the genuinity of purchases made from the aforesaid parties with supporting evidences. The Ld. AO also directed the assessee to produce those parties for e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought to tax, which was estimated at 12.5% thereon. Aggrieved by this order, only the revenue is in appeal before us. 6. We find that in the instant case, the corresponding sales made out of disputed purchases were not doubted by the Ld. AO before us. No contrary evidence to this effect was also produced by the Ld. DR before us. It is not in the dispute that the assesee had indeed made purchases from certain parties whose names appeared in the list of hawala bills maintained by the sales tax department, Government of Maharashtra, but however the assessee could not prove the genuineness of such purchases. At the same time, there could not be any sales without making purchases. Hence, it could be safely presumed that assessee could have ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
