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TMI Blog2021 (12) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal in ITA No.1783/Mum/2020 for A.Y.2008-09 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-20, Mumbai in appeal No.CIT(A)-20/IT-10179/2016-17 dated 27/09/2019 (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 23/03/2016 by the ld. Income Tax Officer - 12 (2)(3) (herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w to the tune of Rs. 567,01,954/-:- Sr. No. Name of the party Amount (in Rs.) 1. Ansh Merchandise Pvt. Ltd. (Newplance Trading Co. Pvt. Ltd.) 19,32,232 2. Atharv Business Pvt. Ltd.(Faststone Trading 1 Pvt. Ltd.) 30,01,605 3. Mahalaxmi Trading Co. 55,40,211 4. Mohit International 1,78,76,929 5. Natasha Enterprises 2,83,50,977 Total 5,67,01,954 3.1. The ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it element embedded thereon could be brought to tax and considering the industry in which the assessee is involved i.e. trading in fabrics, he estimated the profit percentage to be at 12.5% and completed the assessment. This action of the ld. AO was upheld by the ld. CIT(A). 3.2. We find that the ld. AR vehemently argued that there is no dispute that the aforesaid five suppliers had only supplied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es u/s.133(6) of the Act were returned unserved. Hence, the assessee has not discharged its onus at all to prove the veracity of the purchases. 3.4. We find that there is no dispute that assessee is trading in fabrics and that the purchases made from the aforesaid five suppliers were in respect of purchases of fabrics. It is not in dispute that the sales made out of purchases made from aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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