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TMI Blog2017 (12) TMI 1278X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons, we direct the AO to re-compute income after applying profit rate @ 5% of the bogus purchase and appeal of the assessee is partly allowed. - ITA No.315/Mum/2016 - - - Dated:- 4-8-2017 - SRI MAHAVIR SINGH, JM AND SRI G. MANJUNATHA, AM Assessee by : Miss Ruchi M. Rathod, AR Revenue by : Shri Rajesh Kumar Yadav, DR O R D E R PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of CIT(A)-44, Mumbai, in appeal No. CIT(A)-44/ITO32(2)(4)/ITA-133/2014-15 dated 15-12-2015. The assessment was framed by ITO 32(2)(4), Mumbai for the A.Y. 2009-10 vide order dated 27-02-2015 under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter the Act ). 2. The only issue in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10,34,894/- 5. GM INTERNATIONAL 15,17,354/- 6. GHATALIA STEEL/DIVINE ENTERPRISES 43,87,237/- 7. TOTAL 2,37,08,218/- 4. The AO issued noticed under section 133(6) to the parties which returned back with the remark as left and assessee failed to produce these parties. During the course of assessment proceedings and during appellate proceedings, the assessee submitted all the documentary evidences such as inward register, stock register, payment received against such sales, receipt of material purchases, account payee cheque. It was also argued that the AO has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the assessee did make purchases, but at a lower price so as to increase his overall profits. Since the A.O. has himself given substantial relief to the assessee by a speaking order I do not see any reason to interfere in the order of the A.O. The grounds of appeal No.1 and 2 are dismissed and accordingly addition of ₹ 29,63,527/- is confirmed. 5. Now, before us, assessee contended that only profit element is higher as the assessee deals in iron and steel and assessee is disclosed profit at 2%. The learned Counsel before us, made submissions that this 2% has already been included in books of account on the sales of the bogus purchase. Accordingly, he requested for reduction in profit rate and also in view of the fact that p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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