2018 (2) TMI 1201

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..... mber) 1. The captioned appeal by Revenue for Assessment Year [AY] 2009- 10 assails the order of Ld. Commissioner of Income Tax (Appeals)-2 [CIT(A)], Mumbai dated 26/02/2016 qua relief provided to assessee against certain bogus purchases. 2.1 Briefly stated, the assessee being corporate assessee engaged in the business of trading of iron & Steel was subjected to an assessment u/s 143(3) read wit .....

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..... purchases, the assessee furnished purchase details and Bank statement to assert that the purchases were genuine. The notices u/s 133(6) as well as summons u/s 131 issued to the alleged bogus suppliers remained un-served with remarks 'not known / not claimed' which led disallowance of total purchases in the hands of the assessee. 3. Aggrieved, the assessee contested the same with partial success b .....

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..... efore, full disallowance thereof was justified. 4.1 Per contra, Ld. Counsel for Assessee [AR] supported the stand of Ld. CIT(A) and drew our attention to the fact that the assessee was a trader in iron & steel and maintained quantitative details and therefore, entire disallowance was not justified since without purchase, there could be no sales. 5. We have heard the rival contentions and perused .....

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