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TMI Blog2017 (9) TMI 1640X X X X Extracts X X X X X X X X Extracts X X X X ..... he same will not be refunded to the assessee but where it is less than 12 per cent, the income will be assessed on the basis of 12 per cent GP. - D.B. Income Tax Appeal No. 125 to 128 / 2014 - - - Dated:- 19-9-2017 - K.S. JHAVERI And VIJAY KUMAR VYAS For the Appellant: Mr. Anil Mehta with Mr. Sameer Sharma and Mr. Gaurav Gaur For the Respondent: N.L. Agarwal with Mr. S. L. Poddar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order is perverse in deleting the entire trading addition of ₹ 60,94,433/- ignoring admitted facts in the statement of Shri Khushi Kumar Ameriya (Director) u/s 132(4) of the IT Act as well as the evidences gathered during search confirming bogus purchase bills obtained? 3. D.B. Income Tax Appeal No. 127/ 2014 Whether the ITAT order is perverse in deleting the entire trading addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conducted in FY2007-08 by the BCTT Wing of the Investigation Directorate of Jaipur which revealed that Clarity Gold Pvt Ltd. And its sister concerns M/s Marine Minerals and Herbal Remedies Pvt. Ltd. Jaipur had obtained bogus purchase bills amounting to ₹ 13.59 crores from various entry providers, who provided bogus sale bills without supplying the goods mentioned in the bills. After search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been shown of the identical industry whose case is also heard together. The GP rate of previous years reads as under:- 7. Taking into account the average GP rate which will be applied in the present case will be 12 per cent. It is made clear that where ever the profit is more than 12 per cent, the same will not be refunded to the assessee but where it is less than 12 per cent, the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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