2023 (3) TMI 1500

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..... IKAS AWASTHY, JM: These two appeals by the assessee are directed against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [ in short 'the CIT(A)'] for the Assessment Years 2010-11 & 2011-12, respectively. Both the impugned orders are of even date i.e. 17/11/2022. 2. Since, the issues raised in both the appeals germinate from same set of facts and identica .....

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..... s purchase bills from hawala operators. The ld. Authorized Representative for the assessee submits that as per information received by the Assessing Officer from DGIT (Investigation), Mumbai, the assessee has taken bogus purchase entries from ten parties, aggregating to Rs. 2,55,29,591/-. The ld. Authorized Representative for the assessee submits that admittedly the assessee failed to appear befor .....

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..... fended the impugned order. The ld. Departmental Representative submits that assessee had neither appeared before the Assessing Officer nor before the CIT(A). The assessee has failed to discharge his onus in proving genuineness of the purchases made from suspicious dealers. The assessee has obtained accommodation entries from declared hawala operators. The CIT(A) has been quite considerate in restr .....

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..... brought to tax [Re. PCIT vs. Paramshakhti Distributors Pvt. Ltd. in Income Tax Appeal No. 413 of 2017 decided on 15/07/2019 by Hon'ble Bombay High Court.] in trading of ferrous and non-ferrous metals, generally, the G.P ranges between 5% to 8%. Considering the entire facts of the case, we modify the order of CIT(A) and restrict the addition to 7.5% of the unproved purchases. We hold and order .....

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..... fore the authorities below and thus, failed to discharge his onus in proving genuineness of the purchases made from hawala operators. 10. Both sides heard. It is undisputed, that the facts and the reasons for making addition in the impugned assessment year is similar to assessment year 2010-11. Therefore, the findings given while adjudicating the appeal of assessee for assessment year 2010-11 wil .....

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