9911796707
TMI Blog2021 (1) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... rises out of the order by the ld. Commissioner of Income Tax (Appeals)-24, Mumbai in appeal No.CIT(A)-24, Mumbai dated 20/01/2017 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 29/03/2015 by the ld. Asst. Commissioner of Income Tax-15(1)(1), Mumbai (hereinafter referred to as ld. AO). 2. At the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the instant case and admit the appeal for our adjudication. 3. None appeared on behalf of the assessee. We find that the notice issued to the assessee in the address mentioned in form 36 had returned six times and the hearing practically commenced on 27/11/2018 from which date, none had appeared on behalf of the assessee. Accordingly, we deem it fit not to keep this appeal pending at this stag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties listed in page 2 of assessment order totaling to Rs. 24,02,060/- whose names appeared to be tainted dealers in the website of Sales Tax department of Government of Maharashtra, which information was passed on by the Sales Tax department to the DGIT Investigation which ultimately triggered the re-assessment proceedings in the assessee's case. Admittedly, the validity of reopening of assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeded to disallow 100% of value of purchases made from those parties to the tune of Rs. 24,02,060/- as unverifiable and completed the assessment. 5.2. We find that the ld. CIT(A) however, observed that assessee had duly consumed / sold the materials purchased from the aforesaid suppliers for the purposes of its business and hence only the profit element should be brought to tax thereon. For this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sonably estimated at 12.5% of value of disputed purchases. Respectfully following the same, we direct the ld. AO to restrict the disallowance made on account of bogus purchases to 12.5% of value thereon. Accordingly, the ground Nos. 2 & 3 raised by the assessee are partly allowed. 8. In the result, appeal of the assessee is partly allowed. Order pronounced on 18/12/2020 by way of proper mentioni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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