2018 (9) TMI 1534

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..... ith address and total invoiced amount of each party. Merely because the assessee had not provided the VAT number of these parties the AO has added the amount. Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the extent of 30% is not justified. Keeping view the totality of the facts and circumstances w .....

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..... w and found that the assessee is carrying on the business of manufacturer cum trader of paper stickers and other packing materials. The AO was in receipt of information from DGIT(Inv.), Mumbai that the assessee had indulged in bogus purchases of ₹ 1,35,98,732/- from various parties. The said parties had indulged in issuing accommodation bills without actual sale and delivery of goods. The .....

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..... long with address and total invoiced amount of each party. Merely because the assessee had not provided the VAT number of these parties the AO has added the amount. Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the extent of 30% is not justified. Keeping view the totality of the facts and circumsta .....

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