2021 (7) TMI 484

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..... e in assessment year 2009-10. Whereas, profit element estimated at 12.5% in assessment years 2010-11 and 2011-12 being more than the disallowance made by the assessing officer, he has confirmed the same. Decision of learned Commissioner of Income-tax (Appeals) is in consonance with the view expressed by the Tribunal in similar nature of disputes. No infirmity in the aforesaid decision of learne .....

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..... in the business of retail trading of various gift items. For the assessment years under dispute, assessee had filed its return of incomer under section 139(1) of the Income Tax Act, 1961. The returns of income so filed were processed under section 143(1) of the Act. Subsequently, the assessing officer received information from the Sales-tax department through the Director General of Income-tax (I .....

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..... submitted some documentary evidence to prove the purchases; however, the assessing officer was not convinced. Ultimately, the assessing officer concluded that the purchases made by the assessee are not genuine. Having held so, he disallowed an amount of ₹ 14,76,021/- in assessment year 2009-10 which included disallowance of an amount of ₹ 11,.54,999/- on peak basis. Insofar as assessme .....

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..... cer. 5. When the appeals were called for hearing, no one was present on behalf of the assessee. Considering the nature of dispute, we proceed to dispose of the appeals ex parte qua the assessee on the basis of materials on record and after hearing the learned Departmental Representative. 6. We have considered the submissions of the learned Departmental Representative and perused the material .....

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..... rofit element embedded in the alleged non genuine purchases at 12.5% and accordingly granted partial relief to the assessee in assessment year 2009-10. Whereas, profit element estimated at 12.5% in assessment years 2010-11 and 2011-12 being more than the disallowance made by the assessing officer, he has confirmed the same. In our view, the aforesaid decision of learned Commissioner of Income-tax .....

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