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TMI Blog2021 (1) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... t the ld. AO to restrict the disallowance made on account of bogus purchases to 12.5% of value thereon. Accordingly, the ground raised by the assessee are partly allowed. - ITA No.6188/Mum/2017 - - - Dated:- 18-12-2020 - Shri C.N. Prasad, JM And Shri M. Balaganesh, AM For the Assessee : None For the Revenue : Shri Vijay Kumar Menon ORDER PER M. BALAGANESH (A.M): This appeal in ITA No.6188/Mum/2017 for A.Y.2009-10 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-24, Mumbai in appeal No.CIT(A)-24, Mumbai dated 20/01/2017 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 29/03/2015 by the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 raised by the assessee are general in nature and does not require any specific adjudication. 5. The ground Nos.2 3 raised by the assessee are with regard to disallowance made on account of bogus purchases. 5.1. We have heard the ld. DR and perused the materials available on record. We find that assessee is a company registered under the Companies Act engaged in the business of repairs and maintainence of oil and gas refineries and had filed its return of income for the A.Y.2009-10 declaring total income of ₹ 1,96,39,816/-. It is not in dispute that assessee had made purchases from five parties listed in page 2 of assessment order totaling to ₹ 24,02,060/- whose names appeared to be tainted dealers in the website of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppressed profit to the extent of 32.07% of the value of disputed purchases and granted partial relief to the assessee. 6. Aggrieved, the assessee is in appeal before us. 7. We find that the revenue has not preferred any appeal against the order of the ld. CIT(A). It is not in dispute that the assessee should have made purchases from the grey market in order to have some savings in indirect taxes and incidental profits thereon. We find that this Tribunal in series of decisions by placing reliance on the decision of the Hon ble Gujarat High Court in the case of Simit P. Sheth reported in 356 ITR 451 had categorically held that profit percentage of disputed purchases for the persons engaged in similar line of industry in which assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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