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TMI Blog2020 (11) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... PER M. BALAGANESH (A.M): This appeal in ITA Nos.1305/Mum/2018, 1382/Mum/2018, 1304/Mum/2018 for A.Y.2009-10 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-48, Mumbai in appeal No.CIT(A)-48/IT-194/DCCC-2(3)/2015-16 & CIT(A)-48/IT-193/DCCC-2(3)/2015-16 respectively dated 15/12/2017 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) rws 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 31/03/2015 by the ld. Dy. Commissioner of Income Tax-CC-2(3)(hereinafter referred to as ld. AO). 2. The grounds raised by the assessee challenging the validity of reopening of assessment and with regard to non-granting of opportunity of cross examination to the assessee in respect of statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O issued notice u/s.133(6) of the Act to the concerned suppliers, for which, as alleged by the ld. AO, no reply was received. We find that the ld. AO had also directed the assessee to produce the concerned parties which was not done by the assessee. Accordingly, the ld. AO concluded that assessee could not prove the genuineness of the purchases with supporting evidences and proceeded to treat the purchase made from the tainted suppliers amounting to Rs. 12,17,90,776/- as unexplained expenditure u/s.69C of the Act by observing that assessee had made purchases from grey market and source of payments for the same remain unexplained. It is pertinent to note that the ld. AO had in para 8 of his assessment order had mentioned that assessee had ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned order of the learned Commissioner (Appeals) the Tribunal has directed the Assessing Officer to adopt the profit rate on alleged bogus purchases @ 12.5% and thereafter reduce the gross profit already declared by the assessee to quantify the disallowance on account of alleged bogus purchases. In view of the aforesaid decision of the Co-ordinate Bench on identical issue, we do not find any reason to deviate from the view taken therein. Accordingly, ground raised by the Revenue is dismissed." 6.1. Respectfully following the same, we direct the ld. AO to adopt the profit percentage @12.5% minus gross profit already declared by the assessee with regard to the disputed purchases. No arguments by way of any contrary decisions were submit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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