TMI Blog2018 (12) TMI 1948X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has not been disputed or doubted by the departmental authorities Addition of the entire non genuine purchases would be improper. In such circumstances what the assessee might have suppressed is the profit element embedded in such purchases, which may also include the local tax payable. Therefore, to take care of any leakage in revenue, only the profit element embedded in such purchases can be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010-11. Though, the assessee has raised eight grounds, however, at the time of hearing learned Authorised Representative pressed ground no.5 only. Accordingly, except ground no. 5 all other grounds are dismissed as not pressed. 2. Facts relating to ground no. 5 are, the assessee, an individual, is engaged in manufacturing and sale of machines, spare parts and components. For the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of purchase bill and Ledger extract however he could not furnish transportation bills, delivery challans, goods received notes, octroi receipts et cetera. Further, the assessing officer observed, enquiry conducted by him independently by issuing notices under section 133 (6) of the Act to the concerned party did not bear any fruitful result as the notice issued returned back unserved by the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... failed to furnish relevant documentary evidences to conclusively prove the genuineness of purchases made from the concerned party, however, it is a fact on record that the sales turnover shown by the assessee has not been disputed or doubted by the departmental authorities. In these circumstances the logical conclusion would be, the assessee must have purchased the goods from grey market. That be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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