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TMI Blog2013 (6) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... oner (Appeals) and the Tribunal. The only question arises whether such profit element should be estimated at the rate of 30 per cent. or 12.5 per cent. Whenever such a question arises, some reasonable estimation is always permissible. Hardly any question of law on such aspect would arise. Merely, it is pointed out that the assessee was a trader and that the Tribunal retained 12.5 percent of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awanraj B. Bokadia in Tax Appeal No. 3245 of 2009 dated September 29, 2011" The issue pertains to bogus trade made by the respondent-assessee. The assessee is in the business of trading in iron and steel. For the assessment year 2003-04, during the reassessment proceedings, it was found that the purchases worth Rs. 61.40 lakhs (rounded off) were not supported by sufficient evidence. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sources. Resultantly, the Commissioner (Appeals) added only profit element and not the entire amount of the said purchase, for the limited addition to 30 per cent. of the total amount and reduced the same to Rs. 18.42 lakhs (rounded off). The assessee carried the issue in further appeal before the Tribunal. The Revenue also preferred an appeal against the order of the Commissioner (Appeals). B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed sources. In other words, the case against the assessee was that the purchases were made in the grey market through cash payment and some entries were obtained from certain suppliers who had not sold such goods. The present case, thus, being one of only purchase but not from disclosed sources, it would be only the profit element embodied in such purchase which could be added in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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