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TMI Blog2020 (3) TMI 1387X X X X Extracts X X X X X X X X Extracts X X X X ..... C.N. PRASAD (JM) 1. This appeal is filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals) - 30, Mumbai [hereinafter in short "Ld.CIT(A)"] dated 10.09.2018 for the Assessment Year 2009-10. 2. Assessee challenged the order of the Ld.CIT(A) in sustaining the addition made by the Assessing Officer towards unexplained investment in respect of bogus purchases of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer and could not furnish the documents as sought for. Accordingly, Assessing Officer treated the purchases as non-genuine and he was of the opinion that assessee had obtained only accommodation entries without there being any transportation of materials and the assessee might have made purchases in the gray market. The Assessing Officer treated purchases of Rs..17,55,675/- as non-genuine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply because the parties were not produced the entire purchases cannot be added as held by the Bombay High Court in the case of C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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