9911796707
TMI Blog2020 (12) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... Per Shamim Yahya, A. M. These are four appeals by the assessee, wherein the assessee is aggrieved that the learned CIT-A has erred in sustaining 12.5% disallowance on account of bogus purchases pertaining to respective assessment years. 2. One cross appeal is also there by the revenue challenging that the ld. CIT(A) has erred in sustaining 12.5 % instead of 100% addition. In this regard, in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 2010-11 7,78,64,806 7141/Mum/2018 2011-12 98,66,483 2171/Mum/2019 2011-12 99,97,897 5. The A.O. inter alia relied upon the Sales Tax Department information. He rejected the assessee's claim that all the documentary evidence for purchase has been submitted by observing that lorry transportation receipt has not been furnished. Furthermore, he referred to the observation in tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bogus purchases. 8. Against the above order, the assessee is in appeal before the ITAT. For assessment year 11-12, the revenue has also filed one cross appeal. 9. We have heard the learned departmental representative and perused the records. Upon careful consideration we find that the assessee has provided the documentary evidence for the purchase. Adverse inference has been drawn due to the ina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee savings on account of non-payment of tax and others at the expense of the exchequer. As regards the quantification of the profit element embedded in making of such bogus/unsubstantiated purchases by the assessee, we find that as held by Hon'ble Bombay High Court in its recent judgement in the case of Principle Commissioner of Income Tax vs. M Haji Adam & Co (in ITA No. 1004 of 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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