TMI Blog2021 (12) TMI 923X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Ld.CIT(A). Accordingly, the grounds raised by the assessee are partly allowed. - ITA Nos. 1784, 1785 & 1786/MUM/2020 (A.Ys: 2009-10, 2010-11 & 2013-14) - - - Dated:- 25-11-2021 - SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER Assessee by: Shri Hiro Rai Department by: Shri Sanjay J. Sethi ORDER PER C.N. PRASAD (JM) 1. These three appeals are filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fabrics estimated the probable element of profit on purchases at 1%. Similar, is the situation in the present appeals also as is evident from the sample invoice in the case of Natasha Enterprises filed by the assessee before me it is noticed that the assessee is not liable to pay any VAT on purchase of fabrics. The Tribunal while estimating the Gross Profit element at 1% for the A.Y. 2008-09 made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntra, the Ld. DR vehemently relied on the order of the lower authorities by stating that the suppliers were not produced by the assessee before the Ld. AO and notices 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incidental profit element at 1%. Respectfully following the said decision, we direct the Ld. AO to add only 1% of value of ingenuine purchases of ₹ 5,67,01,954/- (i.e. ₹ 5,67,019/-) and delete the remaining portion. Accordingly, the ground raised by the assessee is partly allowed. 3. The findings of the Tribunal for the A.Y. 2008-09 squarely applies to the facts of the assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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