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TMI Blog2017 (6) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... ared for the earlier and subsequent assessment years. Under these facts and circumstances, relying on the decision of Bombay High Court in case of Nikam Exims Pvt. Ltd.[2013 (1) TMI 88 - BOMBAY HIGH COURT] hold that addition to the extent of 10% of such bogus purchase will serve the purpose, keeping in view the nature of trade being carried on by the assessee vis-a-vis other facts and circumstances of the case. - Decided partly in favour of assessee. - ITA No. 6553/Mum/2016, ITA No. 6554/Mum/2016 to ITA 6556/Mum/2016 - - - Dated:- 26-4-2017 - Shri R. C. Sharma, AM Assessee by : Dr. P. Daniel Revenue by : Ms. Beena Santosh ORDER Per R. C. Sharma ( A. M ) These are the appeals filed by the assessee against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2015 (A Yr 2010-11) and 19.03.2015 (A Yr 2011-12) at total income of ₹ 7,21,574/-, ₹ 25,77.270/- 17,21,700/- after making the additions of ₹ 4,89,684/- ₹ 21,69,923 ₹ 12,85,743/- respectively on account of bogus purchases. 5. By the impugned order, CIT(A) confirmed the entire addition on account of bogus purchases by disregarding assessee s plea to uphold only profit element involved in such purchases which was alleged to be avoided. 6. Assessee is in further appeal before us against the above orders of CIT(A). 7. I have considered rival contentions and carefully gone through the orders of the authorities below. From the record I found that The reassessment proceedings were initiated in Assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outs of the said parties have specifically asked the Assessee vide order sheet noting dated 05/02/2014 to produce the parties to prove the genuineness of the purchases. Hence no adverse inference can be drawn against the Assessee. However, the A.O. finalized the assessment vide assessment order dated 03.03.2014 under section 143(3) r.w.S 147 of the Act determining total income at ₹ 7,21,574/- by disallowing of ₹ 4,89,684/ - under section 69C of the Act. 9. I found that during the course of assessment proceedings on basis of information received from the sales tax department the A.O. alleged that the Assessee has obtained bogus bills from the above parties. The Assessee has purchased iron sheets from the above mentioned partie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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