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TMI Blog2017 (10) TMI 1286X X X X Extracts X X X X X X X X Extracts X X X X ..... view profit rate declared by the assessee at 13% vis-à-vis judicial pronouncements cited by learned AR during the course of hearing, modify the order of the lower authorities and direct the AO to restrict addition to the extent of 10% of alleged bogus purchases. - Decided partly in favour of assessee. - ITA No.2791/Mum/2017, CO 146/Mum/2017, (Arising out of ITA No.2791/Mum/2017) - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2010, declaring total income at Rs. NIL. The case was selected for scrutiny and a notice u/s. 143(2) was issued and was duly served upon the assessee. It is gathered that the AO, in this case, received an information for the Maharashtra Sales Tax Department that the assessee company had carried out purchases from bogus hawala dealers viz. M/s. Anandeep Metal and M/s. Tyson Steel and Tube P. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, he did not mention as to whether he is applying G.P. rate on entire sales turnover or only on suspected purchases. But, finally he added only the entire amount of suspected bogus purchases of ₹ 59,82,246/-. Thus, the assessment was completed on an income of ₹ 10,85,310/- vide order dated 26/03/2013. The present appeal has been filed against this order of the AO. 4. By the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment. Accordingly, he added entire amount of purchases in assessee s income. The CIT(A) upheld the addition of 12.5% by observing that purchases were not bogus, however, assessee might have shown lower income by taking bill from unregistered dealers. The CIT(A) observed that the assessee has furnished voluminous details in support of its claim towards purchases from these two parties which include ..... X X X X Extracts X X X X X X X X Extracts X X X X
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