9911796707
TMI Blog2017 (6) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... such cases is to account for profit element embedded in such purchase transactions. Therefore, we restrict the said disallowance to 12.5% of alleged bogus purchases of ₹ 39,18,195/- which comes to ₹ 4,89,774/-. The assessee’s appeal stands partly allowed. - I.T.A. No. 4456 & 4457/Mum/2015 - - - Dated:- 4-5-2017 - Shri Mahavir Singh, JM And Shri Manoj Kumar Aggarwal, AM Assessee by : Devendra Jain, Ld. AR Revenue by : Naveen Gupta, Ld. DR ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeals by assessee for Assessment Years [AY] 2009-10 2011-12 assails the common order of Ld. Commissioner of Income tax (Appeals)-24 [CIT(A)], Mumbai dated 29/05/2015 qua confirmation of certain addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame before Ld. CIT(A) without any success vide impugned order dated 29/05/2015 and raised similar contentions and placed reliance on various judicial pronouncements. However, Ld. CIT(A) noted various discrepancies in the documents produced by the assessee, reached a conclusion that the purchases remained unsubstantiated by the assessee and therefore, confirmed the addition. Aggrieved, the assessee is in appeal before us. 4. The Ld. Counsel for assessee [AR] drew our attention to the fact that the assessee was a trader and reconciled the quantitative details and therefore, as sales turnover has not been doubted by the revenue, the purchase thereof could not be treated as bogus. Further, the accounts of the assessee were duly audited u/s 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ispute and the addition, if any, which has to be made in all such cases is to account for profit element embedded in such purchase transactions. Therefore, we restrict the said disallowance to 12.5% of alleged bogus purchases of ₹ 39,18,195/- which comes to ₹ 4,89,774/-. The assessee s appeal stands partly allowed. 7. Now, we take up ITA No. 4457/Mum/2015 for AY 2011-12. The assessee has suffered similar disallowance of ₹ 27,05,774/- on account of bogus purchases in an assessment u/s 143(3) vide AO order dated 08/01/2014 which was confirmed by Ld. CIT(A) vide impugned order. There being no change in facts or circumstances, taking the same stand, we restrict the impugned disallowance to 12.5% which comes to ₹ 3,38, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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