TMI Blog2019 (1) TMI 1952X X X X Extracts X X X X X X X X Extracts X X X X ..... ious judicial pronouncements placed on record, vis- -vis GP rate declared by the assessee, we direct the AO to restrict the disallowance to the extent of 5% of alleged bogus purchases. - ITA No. 6487/Mum/2016 And 6488/Mum/2016 - - - Dated:- 18-1-2019 - Shri R.C. Sharma, AM And Shri Ram Lal Negi, JM For the Assessee : Shri Subodh Ratnaparkhi. For the Revenue : Shri Chaudhary Arun Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r consideration, the assessee had declared the GP/NP of ₹ 2,23,98,261/- and ₹ 75,63,093/-, against gross receipts of ₹ 9,87,00,276/- and ₹ 2,77,71,681/- and ₹ 1,01,63,153/- on gross receipts of ₹ 13,58,30,790/-. The reassessment orders u/s 143(3) r.w.s. 147 of the Act, were completed on 17.03.2015, at total income of ₹ 95,33,710/- and ₹ 1,33,08,900/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we found that assessee has already disclosed GP of 23%, 20% in the A.Y.2010-11 and 2011-12 under consideration. Assessee had also filed quantitative details of purchases and sales before the lower authorities. Considering the various judicial pronouncements placed on record, vis- -vis GP rate declared by the assessee, we direct the AO to restrict the disallowance to the extent of 5% of alleged b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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