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TMI Blog2017 (10) TMI 1462X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion that the 15% disallowance restricted by the tribunal is just and proper. No interference is called for. -Decided against assessee. - D.B. Income Tax Appeal No. 189/2015, D.B. Income Tax Appeal No. 190/2015 - - - Dated:- 11-10-2017 - MR. JUSTICE K.S. JHAVERI And MR. JUSTICE VIJAY KUMAR VYAS For the Appellant : Mr. Naresh Gupta For the Respondent : Mr. Sameer Sharma with Mr. Gaurav Gaur for Mr. Anil Mehta Judgment 1. In both these appeals common question of law and facts are involved hence they are decided by this common judgment. 2. By way of these appeals, the appellant has assailed the judgment and order of the tribunal whereby tribunal has partly allowed the appeal preferr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectors and their family members were also recorded. Thereafter in response to notices u/s 153A, returns of income were filed by assessee on 24.7.2012 at same total income which was declared by assessee in its regular returns filed u/s 139(1) of Income Tax Act, 1961. The assessments were completed u/s 143(3) r.w.s. 153A on 21.3.2014 at total income of ₹ 83,30,930/- for AY 10-11 and ₹ 86,33,680/- for AY 11-12 by making the additions in respect of bogus purchases and disallowance of interest alleged to be attributable to diversion of interest bearing funds. 5. We have heard counsel for the parties. 6. Counsel for the appellant has taken us to the order of AO as well as CIT(A) and contended that the view taken b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on our consolidated order in the case of Anuj Kumar Varshney and ors (supra); in this case the addition qua unverifiable purchases of semi precious stones has been held to be at 15% of such unverifiable purchases. Looking at the entirety of facts and circumstances i.e. the books of accounts being not rejected consumption of cotton having comparatively decreased, we are inclined to follow our judgment in the case of Anuj Kumar Varshney (supra) and direct to restrict the disallowance to 15% of purchases from SKS. Thus assessee s appeals are partly allowed. 8. Taking into account, we are of the opinion that the 15% disallowance restricted by the tribunal is just and proper. No interference is called for. 9. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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