2016 (7) TMI 1304

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..... ofit of ₹ 13,85,827/- on the sales of ₹ 5.29 crores. However, the AO has declined the corresponding sales made by the assessee, nor rejected assessee’s books of accouns. Keeping view judicial pronouncements referred by the AR in the case of Ganpatraj A Sanghvi [2014 (11) TMI 295 - ITAT MUMBAI] and also considering the net profit rate shown by the assessee, we restrict the disallowance/ .....

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..... ving that purchases made by the assessee from three parties appearing in the sales tax hawala list and claimed in its profit and loss account are not genuine. By the impugned order the CIT(A) confirmed the action of the AO. 4. I have considered rival contentions and found that merely on the basis of information from sales tax department, the AO has treated the purchases as bogus without making .....

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