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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 ..... es from the estimated profit of 15% on the alleged bogus purchases. The detailed finding so recorded by CIT(A) after considering various judicial pronouncements are as per material on record and do not require any further interference on our part. - Decided against assessee. - ITA No.1901/Mum/2018 - - - Dated:- 12-7-2018 - Shri R.C. Sharma, AM And Shri Amarjit Singh, JM Assessee by: Shri N.R. Agarwal Revenue by: Ms. N. Hemalatha ORDER R.C. Sharma (A.M): This is an appeal filed by assessee against the order 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration, the assesses has availed of accommodation entries for purchases from M/s Meenakshi Exports (₹ 77,13,000/-) and M/s Pushpak Gems (₹ 46,94,221/-) totally aggregating to ₹ 1,24,07,221 On the basis of the findings of the search action, the AO completed the assessment vide order dated 30.12.2016 in which he added a sum of ₹ 18,61,083/- being the undisclosed profit @ 15% on the alleged aggregate bogus purchases of ₹ 1,24,07,221/-. 5. By the impugned order, CIT(A) after considering various judicial pronouncements cited before us confirming addition to the extent of GP rate of 15% and the CIT(A) has also given further relief with respect to the GP margin shown by the assessee in respect of alleged bogus pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of the bogus purchases. However, against this GP margin of 15% the AO is directed to allow a set off of the GP margin already disclosed by Erse assessee in the books in respect of the alleged bogus purchases from M/s Meenakshi Exports (₹ 77,13,000/-} and M/s Pushpak Gems (₹ 46,94,221/-) to ₹ 1,24,07,221. Accordingly, ground nos. 2 to 4 of the appeal are partly allowed. 6. We have heard rival contentions and carefully gone through the orders of the authorities below and found from record that bogus purchases so made by the assessee were established and the AO has also made detailed enquiry. After considering the assessee s contention regarding corresponding sales, the CIT(A) has also given further relief by di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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