2021 (7) TMI 451

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..... tion of Ld. CIT(A) that receipt and utilization of wrist watches could not be ignored. The assessee might have made savings by purchasing the goods from the open market. Therefore, it was quite reasonable to make estimated additions of 12.5% against the purchases so made by the assessee. Finding no infirmity in the impugned order, we dismiss the appeal. - I.T.A. No. 6732/Mum/2019 - - - Dated:- 5 .....

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..... oceedings, pursuant to receipt of certain information from Sales Tax Department, Maharashtra, it transpired that the assessee made suspicious purchases of ₹ 7.60 Lacs from an entity namely M/s. Shulabh Trading Company. The said purchases were in the shape of wrist watches which were stated to be given to buyers as sales promotion. Thus the expenses were claimed u/s. 37(1). In support of purc .....

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..... revenue is in further appeal before us. 5. Going by the factual matrix, we concur with the adjudication of Ld. CIT(A) that receipt and utilization of wrist watches could not be ignored. The assessee might have made savings by purchasing the goods from the open market. Therefore, it was quite reasonable to make estimated additions of 12.5% against the purchases so made by the assessee. Finding n .....

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