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TMI Blog2018 (7) TMI 2108X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of CIT(A)-51, Mumbai dated 13/02/2018 for A.Y.2009-10 in the matter of order passed u/s.143(3) r.w.s.147 of the IT Act. 2. The following grounds have been taken by the assessee:- Ground No.1 The learned CIT (Appeals) erred in confirming the addition made @ 15% amounting to Rs. 1,24,07,221/- by the learned AO on account of bogus Ground No. 2 The learned CIT (Appeals) erred in confirming ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctly controlled by him and the entitles of Sur Gems Group including our assessee were the beneficiaries. The subsequent search action on Sur Gems Group confirmed this fact that the assessee as wet! as other entities of Sur Gams Group have availed of accommodation entries from various concerns of Bhanwarlal Jain. The names of these two concerns also figured in the list of suspicious dealers detecte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of alleged bogus purchases after having the following observation:- "5.8 There is no dispute that fn respect of the said alleged bogus purchase there are corresponding sales also, This fact is also confirmed by the Tax Audit Report where the Auditors have furnished the quantitative tally of the purchases and sales, Now the issue to be adjudicated i$ what is the reasonable profit percentage t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r as the rate of purchases made from the grey market is always much less as compared to purchases from registered suppliers due to the various savings on account of evasion of government dues/taxes. Therefore, as such no infirmity is found in the action of the AO of adopting GP margin of 15% while computing the profits in respect of the bogus purchases. However, against this GP margin of 15% the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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