TMI Blog2021 (4) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... t the estimation be made @ 6% of the disputed purchases. Accordingly, we set aside the order of the Ld. CIT(A) and direct the AO to estimate profit @ 6% on the disputed purchases to tax. - Decided partly in favour of assessee. - ITA No. 4538/MUM/2019 (Assessment Year: 2011-12) - - - Dated:- 5-3-2021 - SHRI VIKAS AWASTHY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessee by: None Revenue by: Mr. Sanjay J. Sethi, DR ORDER PER N.K. PRADHAN, A.M. This is an appeal filed by the assessee. The relevant assessment year is 2011-12. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-7, Mumbai [in short CIT(A) ] and arises out of the assessment completed u/s 143(3) r.w. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atlal Gala [ITA No 5920/M/13], Ramila P Shah [ITA No 5246/M/13] Paresh Gandhi [ITA No- 5706/M/2013], Hiralal Chunilal Jain [ITA No. 4547/M/14], Tarla Shah [ITA No. 5295/Mum/2013] and M/s. Imperial Imp. Exp [ITA No. 5427/MUM/2015]. b. In the facts and the circumstances of the case and in law, the A.O. erred in adding ₹ 5,86,587/- as alleged Non-genuine purchases being 12.5% of the total purchases amounting to ₹ 46,92,697/- only on the basis of the information on the website www.mahavat.gov.in about 10 suspicious dealers whose copy of statement recorded were not furnished to the appellant. c. In the facts and the circumstances of the case and in law, the A.O. erred in adding ₹ 5,86,587/- as alleged Non-genuine purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the remarks not known . During the course of re-assessment proceedings, the assessee filed before the AO, copy of audited balance sheet, P L account, audit report, bank statement, purchase/sale bill (party-wise) stock register, purchase/sale bill and mode of payment. However, the AO observed that the assessee could not file transport receipts, octroi receipts, receipts from weighbridge, excise gate pass, goods inward register. Therefore, considering the facts and circumstances of the case and relying on the decision in CIT v. Simit P. Sheth (2013) 356 ITR 451 (Guj) and M/s Bholenath Poly Fab P. Ltd. 355 ITR 290 (Guj), estimated the profit @ 12.5% on the disputed purchases of ₹ 46,92,697/- which comes to ₹ 5,86,587/-. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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