9911796707
TMI Blog2020 (1) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... ust and reasonable. Since the assessee has not preferred any appeal before this Tribunal against the action of the ld. CIT(A), the adoption of gross profit at 23% by the ld. CIT(A) is much more than the profit percentage adopted by this Tribunal in several cases at 12.5%. In view of these peculiar circumstances, the order of the ld. CIT(A) does not warrant any interference. Accordingly, the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was justified in directing the ld. AO to restrict the addition made towards gross profit of 23% of bogus purchases as against 100% of such purchases made by the ld. AO in the facts and circumstances of the instant case. 3. We have heard rival submissions and perused the materials available on record. We find that assessee is an individual engaged in manufacturing and resale of building material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Asst Year 2009-10 was reopened by the ld. AO. It is not in dispute that the assessee had actually consumed in his business the goods that were mentioned in the invoice of M/s. RK Traders, hence, what is to be brought to tax is only the profit element embedded in such purchases. We find that the ld. AO had taxed the entire value of purchases in the assessment as bogus in the sum of ₹ 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vations made in the context of non-applicability of provisions of section 69C of the Act in the instant case would be of academic importance only. We find that this Tribunal has been holding consistently in respect of the industry in which assessee is engaged in that the adoption of profit of 12.5% would be just and reasonable. Since the assessee has not preferred any appeal before this Tribunal a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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