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TMI Blog2020 (11) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... iness. It is the duty of the assessee to disclose the proper source. The profit declared by the assessee is also not considerable to support the contention of the assessee. If it is private source from family or friends, it should be properly disclosed. Since, no documentary evidence or any confirmations were filed before us, it is possible that assessee might have certain private savings. Therefore, we are inclined to allow 50% of the capital introduced by him as genuine. Accordingly, ground raised by assessee is partly allowed. - I.T.A. No. 5600/Mum/2018 - - - Dated:- 4-11-2020 - Shri C. N. Prasad, JM And Shri S. Rifaur Rahman, AM For the Appellant : Shri Vimal Punamiya, AR For the Respondent : Ms. Kavita P. Kaushik, DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent proceeding cannot be initiated. a) No reassessment can be made just to make an enquiry or verification. b) Reassessment proceeding cannot be initiate merely on the information received from investigation wing. c) Reassessment proceeding cannot be initiated when the LD. CIT(A) have reason to suspect and not reason to believe. 3. On the facts and circumstances of case and law the Ld CIT(A) erred in confirming the assessment order under section 143 sub section 3 r w s 147 of income tax Act which is passed against the principal of natural justice. 4. The Ld CIT(A) erred in confirming and treating ₹ 53,35,529/- being 12.5 percent of the total purchases of ₹ 4,26,84,231/- as bogus non-genuine expenditure and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al placed on record. We notice from the records that the identical ground raised in the present appeal has already been decided by the Coordinate Bench of ITAT in ITA No. 2606, 2605 2604/Mum/2016 for AY 2008-09 to 2011-12 in assessee s own case on merits. For the sake of clarity, which is reproduced below:- 4. After careful consideration, we are of the considered opinion there could be no sale without actual purchase of material keeping in view the assessee s nature of business. Undisputedly the assessee was in possession of primary purchase documents and the payments to the suppliers were through banking channels. The sales turnover achieved by the assessee has not been disputed by the revenue. The books of accounts were subject to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strict the additions to 2% of alleged bogus purchases which comes to ₹ 6,27,465/- for AY 2010-11 and ₹ 5,09,235/- for AY 2011-12. Both these appeal stands partly allowed. 6. In the result, all the three appeals stand partly allowed to the extent indicated in the order 8. Therefore, respectfully following the above decision of Coordinate Bench in assessee s own case which is applicable mutatis mutandis in the present case, we are inclined to restrict the disallowance @ 2% of alleged purchases. Therefore, we direct the AO to restrict the disallowance @ 2% of the alleged bogus purchases. Accordingly, we partly allow the ground raised by the assessee. 9. With regard to Ground No. 5 on account of addition u/s 68 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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