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TMI Blog2019 (11) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances. Order passed by the Revenue Authority along with the documentary evidence filed by the assessee in the shape of Paper Book and the case law. These are not applicable in the facts and circumstances of the present case. First Appellate Authority has passed a well reasoned order which needs no interference. Therefore, the present appeal filed by the assessee is dismissed. - ITA No. 1236/Del/2018 - - - Dated:- 31-10-2019 - Shri H.S. Sidhu, Judicial Member For the Assessee : Shri Anil Kumar Malhotra, CA For the Revenue : Ms. Ekta Vishnoi, Sr. DR ORDER This appeal filed by the assessee against the impugned order dated 19.01.2018 passed by the Ld. CIT(Appeals)-20, New Delhi in relation to assessment year 2009-10 on the following grounds: 1. Addition of ₹ 17,63,065/- on account of bogus purchases: The Hon ble CIT(A) has simply ratified the decision of the Ld. ITO without analyzing the genuine supporting evidence produced by the assessee. The order passed by the Hon ble CIT(A) is without analysis and is against the complete facts. Therefore, the addition on account of bogus purchases is prayed to be deleted. 2. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. 2. The transactions of Mr. Abhijeet Konduskar, regarding the sale of old gold ornaments to Delhi based jewelers viz. M/s hariram Pooran Chand Jewellers M/s Deepak Kumr Gupta Sons during the FY 2008-09 relevant to the AY 2009-10 appears to be unrealistic on the ground that Mr. Abhijeet Konduskar could have sold his old gold ornaments to the nearby places like Pune, Mumbai etc. but instead he had travelled all the way to Delhi on 14 different occasions to sell his old gold ornaments which creates suspicion doubt regarding the authenticity of the sale purchase of the gold ornaments as discussed. This suspicion gets further strength from the fact that the purchaser jewelers in Delhi have declared very negligible net profit against the huge turnover running into hundreds of crores, which is strong indicator of accommodating the entries of the sale purchase to the requisite parties without actually entering into the process of sale purchase of old gold ornaments. The relevant statistic with reference to the turnover and the net profit of both the Delhi based jewelers M/s Deepak Kumar Gupta Sons is tabulated as under: M/s Deepak Kumar Gupta Sons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary evidence filed by the assessee, the AO is of the view that it is highly improbable that a person in Kolhapur to sale old gold ornaments to a person in Delhi. Similar issues of laundering unaccounted money through sale of non-existent gold jewellery has been unearthed during post search investigations in other cases. In the instant case also the modus operandi appears to be the same. In view of buttressed by the fact that Hariram Pooran Chand has disclosed a turnover of ₹ 4.26 crores for AY 2009-10 and net profit of ₹ 0.05 crores. Similar is the net profit percentage disclosed in the return of income by the assessee i.e. M/s Deepak Kumar Gupta Sons. The disclosure of miniscule net profit against a huge turnover is a strong indicator of accommodation entry provider. The Investigation wing has given an opportunity to file the detail of old ornaments from Abhijeet Kunduskar, but nobody appeared. Assessing Officer also given a similar opportunity to the assessee also while issue a show cause notice requesting the assessee as to why the purchase of ₹ 17,62,765/- made by the assessee from the above mentioned firms/concerns managed and controlled by Shri Abhijeet Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lver ornaments. There is no specification of old jewellery trading. 7. It is impractical that a person who is not engaged in the business of jewellery and yet used to sold old jewellery valued more than 50 lacs this year to the aforesaid assessee Sh. Pooran Chand Gupta Deepak Gupta HUF whose karta is Sh. Deepak Gupta, sons of Sh. Pooran Chand Gupta. 8. Abhijeet Kunduskar is CMD of M/s Kumud Drugs Pvt. Ltd. and during the search seizure, it has been established that the company is illegally manufactured ketanine value over 100 crores in international market. During the search, ₹ 1 crore cash was also found at the premises of M/s Kumud Drugs Pvt. Ltd. Sh. Abhijeet Kunduskar routed the generated cash through cheques from such parties including Sh. Pooran Chand Gupta Sh. Deepak Gupta, HUF. In view of the above, it is clear that the assessee is engaged in the activity of Bogus entry provider and shown bogus purchases from Abhijeet Kunduskar, HUF during the year. The amount of transaction with M/s Abhijeet Konduskar, HUF was reported by Investigation Wing of ₹ 17,62,765/-, however, on perusal of ledger of party given by the assessee vide letter dated 27.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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