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TMI Blog2021 (3) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... rough proper banking channels by issuing account payee cheques in respect of all the parties, highlighting the relevant entries, (iii) chart showing the details of purchases of the alleged parties and (iv) details in respect of purchases from the abovementioned parties and the corresponding sales. As recorded by the AO, the assessee failed to file before him documents such as delivery challans, transport receipts, octroi receipts for payment of octroi duty, receipt of weighbridge for weighing of goods, excise gate pass, goods inward register. Considering the above facts and circumstances of the case and keeping in mind the nature of business of the assessee which is trading in ferrous and non-ferrous metals, we are of the considered v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res and not on any material evidences corroborating the purchases when it is an accepted fact that material evidences super cedes all presumptions. (b) The CIT (A) erred in confirming the addition without appreciating the understated vital facts that the purchases are duly supported with necessary documentary evidences including quantitative tally of purchases and sales and there appears no sign of it being bogus and the learned officer accepted the books of accounts. (c) The Id. CIT(A) has erred in holding the impugned purchases to be bogus, in spite of voluminous evidences on record simply on the basis that the current addresses of vendors were not provided and the vendors were not produced before the Respondent. (d) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed before him (i) copy of ledger accounts along with copy of purchase invoices of the specified parties, (ii) copy of bank statements evidencing payments made through proper banking channels by issuing account payee cheques in respect of all the parties, highlighting the relevant entries, (iii) chart showing the details of purchases of the alleged parties and (iv) details in respect of purchases from the abovementioned parties and the corresponding sales. However, the AO was not convinced with the details filed by the assessee on the ground that (i) the Sales Tax Department has conducted independent inquiries in each of the non-genuine parties and conclusively proved that these parties are engaged in the business of providing accomm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s tax rate prevalent in Gujarat was 10% as against only 4% applicable in Maharashtra for the relevant period. However, the facts of the case of the assessee are somewhat similar to that of Ratnagiri Steels (supra). In the case of Ratnagiri Steels(supra), the Hon'ble ITAT after considering the healthy GP shown of 5.45%, directed the AO to allow set off of the book GP against the said rate of 12.5% while computing the additional profits from the purchases from the alleged hawala/bogus suppliers. In the instant case, it is observed that the assessee has shown a GP of 3.32%. Therefore, as was done by the Hon'ble ITAT, Mumbai in the case of Ratnagiri Steel (supra), it will be appropriate if rate of 12.5% is applied for computing the unac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee filed before him (i) copy of ledger accounts along with copy of purchase invoices of the specified parties, (ii) copy of bank statements evidencing payments made through proper banking channels by issuing account payee cheques in respect of all the parties, highlighting the relevant entries, (iii) chart showing the details of purchases of the alleged parties and (iv) details in respect of purchases from the abovementioned parties and the corresponding sales. However, as recorded by the AO, the assessee failed to file before him documents such as delivery challans, transport receipts, octroi receipts for payment of octroi duty, receipt of weighbridge for weighing of goods, excise gate pass, goods inward register. Conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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