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TMI Blog2020 (9) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... ified by the judgment in Pr.CIT Vs. Mohommad Haji Adam Co. [ 2019 (2) TMI 1632 - BOMBAY HIGH COURT ] wherein it has held that no ad hoc addition for bogus purchases can be made. Rather, the addition should be made to the extent of difference between the gross profit rate on genuine purchases and gross profit rate on hawala purchases. Since the AO in the instant case has made addition for the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the case are that the Assessing Officer (AO) received information from the Sales Tax Department about the assessee having procured bogus bills in the Hawala racket. The assessee was found to have received bill of ₹ 3,10,545/- from M/s. Uday Enterprises. The AO completed the assessment by holding that 15% of profit on such purchases was liable to be taxed as additional income which came ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not extend to a debatable issue. In other words, if two possible views exist and the AO takes one of such possible views in the assessment order, the revision is ousted. 5. It is seen that the ld. Pr.CIT held the assessment order to be erroneous and prejudicial to the interest of Revenue on the ground that "the AO is required to examine the factual matrix and then to decide whether addition of e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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