9911796707
TMI Blog2015 (6) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... of purchases only on presumptions without establishing fully that the assessee has made purchases from grey market. Even, if it is assumed for a moment that the assessee might have purchased goods from grey market, it was not established that the amount of purchases was less than that recorded in the books of account. Under these set of facts, it has to be held that the impugned addition has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty of ₹ 7,30,464/- levied u/s 271(1)(c) of the Act . 2. We heard the parties and perused the record. The revenue carried out search and seizure operations in Etco group and it was noticed that the assessee herein had made purchases worth ₹ 3.43 crores form M/s Triton Infotech Pvt Ltd. During the course of search operation, a statement was taken from the director of Shri Triton Infote ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition has been made on estimated basis. He further submitted that the penalty levied on the addition made in an identical manner in assessee's sister concern has since been deleted by the Tribunal. The Ld A.R furnished a copy of order dated 17-12-2014 passed in M/s Etco Telecom Ltd in ITA No. 5243/Mum/2012. On the contrary, the Ld D.R placed reliance on the order passed by Ld CIT(A). 4. Having ..... X X X X Extracts X X X X X X X X Extracts X X X X
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