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TMI Blog2017 (10) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be taxed is only the profit element embedded in such purchases and not the total purchases from the parties - appeal dismissed - decided against Revenue. - I.T.A.No.4130/Mum/2016 - - - Dated:- 11-8-2017 - Shri D.T. Garasia (JUDICIAL MEMBER) And Shri G Manjunatha (ACCOUNTANT MEMBER) For The Appellant : Shri Rajesh Kumar Yadav For The Respondent : Shri Rahul Shadija ORDER Per G Manjunatha, AM : This appeal filed by the revenue is directed against the order of the CIT(A- 3, Thane dated 09-03-2016 and it pertains to assessment year 2011-12. 2. The brief facts of the case are that the assessee, an individual engaged in the business of trading in LDO and furnace oil, filed his return of income for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss was being conducted by the aforesaid parties. Therefore, based on the information received from Maharashtra Sales-tax department and further supported by independent enquiries, the AO came to the conclusion that purchases from the above parties are not genuine and hence, made addition u/s 69C of the Act. 3. Aggrieved by the assessment order, the assessee preferred appeal before CIT(A). Before the CIT(A), the assessee has reiterated the submissions made before the AO. The assessee further submitted that the AO made addition towards purchases from the above two parties merely on the basis of information received from third party without considering the necessary evidences filed to justify the purchases. The AO has not appreciated the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO further observed that notices issued u/s 133(6) are returned unanswered by the postal authorities with remark no such persons existed in the given address. It is the claim of the assessee that purchases are supported by proper bills and vouchers and the payment has been made through proper banking channel. The assessee further contended that the AO has not disputed sales declared for the relevant financial year and no adverse comments has been made on the books of account or stock registers. In the absence of any adverse comments on books of account or stock registers, purchases cannot be disputed merely on the ground that the notices issued to the parties are returned unserved. 5. It is an admitted fact that the above two parties ..... X X X X Extracts X X X X X X X X Extracts X X X X
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