2017 (9) TMI 1886

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..... the impugned purchases - HELD THAT:- As perused the order passed by the division bench in the assessee s own case for AY 2009-10 [ 2017 (5) TMI 1101 - ITAT MUMBAI ]. Since the facts are identical, consistent with the view taken therein, modify the order passed by Ld CIT(A) and direct the AO to restrict the addition to 2% of the value of alleged bogus purchases. Appeal filed by the assessee is part .....

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..... ing the material. The AO noticed that the assessee has maintained stock register and accordingly came to the conclusion that the assessee has purchased goods from open markets, but obtained bills from the hawala dealers. Accordingly he took the view that the assessee would have made profit in the purchase transactions and the AO estimated the profit element at 12.50% of the value of purchases. Acc .....

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