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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 ..... purchases. No arguments by way of any contrary decisions were submitted by the ld. DR before us with regard to the impugned issue. Accordingly, the grounds raised by the assessee as well as by the revenue on merits are disposed off in the aforesaid manner. - ITA No.1305/Mum/2018, ITA No.1382/Mum/2018, ITA No.1304/Mum/2018, ITA No.1383/Mum/2018 - - - Dated:- 21-10-2020 - Shri Justice P P Bhatt, President And Shri M. Balaganesh, AM For the Assessee : Shri Bharat Kumar For the Revenue : Shri Vinod Kumar ORDER 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the business of trading of ferrous and non-ferrous metals. A survey u/s.133A of the Act was conducted in the business premises of the assessee on 26/03/2013 wherein, it came to light that assessee had made certain purchases from certain tainted parties whose names appear as hawala dealers in the website of Sales Tax department of Government of Maharashtra. After confronting the aforesaid information obtained from the Sales Tax department to the assessee, the ld. AO called upon the assessee to prove the genuineness of the purchases. The ld. AO 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 conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of estimation of profit on alleged bogus purchases for the very same assessment year the Tribunal in ITA no.3189/Mum./2016, though, upheld the estimation of profit on alleged bogus purchases @ 12.5%, however, directed the Assessing Officer to reduce the gross profit already declared by the assessee from the profit to be estimated at 12.5% of the bogus purchases. The learned Departmental Representative also agreed with the aforesaid submissions of the assessee. As could be seen from the material on record, while deciding assessee s appeal arising out of the 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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