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TMI Blog2021 (1) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... t, assessee engaged in the business of Trading and Manufacturing of Dyes and Chemicals, filed return of income on 30.09.2009 and 30.09.2010 declaring income of Rs..3,59,480/- and Rs..4,36,614/- for the A.Ys., 2009-10 and A.Y. 2010-11 respectively. Assessee filed revised return on 30.09.2009 and 25.01.2011 declaring income of Rs..3,59,480/- and Rs..4,48,261/- for the A.Ys., 2009-10 and A.Y.2010-11 respectively and the returns were processed u/s. 143(1) of the Act. Subsequently, Assessing Officer received information from the DGIT (Inv.,), Mumbai about the accommodation entries provided by various dealers and assessee was also one of the beneficiary from those dealers. The assessments were reopened U/s. 147 of the Act based on the informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer treated 25% of the alleged bogus purchases of Rs..22,34,917/- and Rs..18,32,734/- for the A.Y. 2009-10 and A.Y. 2010-11 respectively as non-genuine and added to the income of the assessee. On appeal the Ld.CIT(A) considering the evidences and various submissions of the assessee restricted the disallowance to an extent of 12.5% of the non-genuine purchases. 4. Inspite of issue of notice none appeared on behalf of the assessee nor any adjournment was sought by the assessee. Therefore, I proceed to dispose off these appeals on hearing the Ld. DR on merits. 5. Ld. DR vehemently supported the orders of the Assessing Officer. 6. Heard Ld. DR, perused the orders of the authorities below. On a perusal of the order of the Ld.CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 5.6. In view of the above, it is an admitted fact that Sales Tax Department has conducted search and seizure operation and has established large number of companies/firms/partnership concerns as hawala dealers who are engaged in accommodation entries without actually supplying the goods. The appellant is one of the beneficiary and has received such accommodation bills from two of the hawala operators totaling to Rs. 22,34,917/-. The A.O. attempted to verify such parties by making independent enquiries u/s. 133(6) of the I.T.Act, 1961. All these verification letters came back "Left" or "not known". The appellant filed certain details such as purchase bills, ledger account, bank statement etc. However, some of the specific details requir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. B. A.Y.2010-11 (I.T.No.11582): 1.1. The facts and circumstances of this case are absolutely identical to that of A Y 2009-10 except that the bills for bogus purchases in this year are as under: - Sr. No Name of the entity Amount (Rs.) 1. Nirmala Corporation 11,20,724/- Total 11,20,724/- 1.2. On the basis of arguments, discussion and reliance of case laws, disallowance of purchases made by the A.O. is upheld in principle but restricted to 12.5%. The ground; of appeal filed by the appellant on this issue is therefore, partly allowed." 7. On a careful perusal of the order of the Ld.CIT(A) and the reasons given therein, I do not find any infirmity in the order passed by the Ld.CIT(A) in restricting the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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