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TMI Blog2021 (9) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... the gross profit shown by the assessee on total transactions is 29.70% which is much more than 12.5% profit estimated by the Tribunal in the quantum proceedings. We find that the Tribunal has directed the ld. AO to adopt 12.5% less gross profit already declared by the assessee, then there would be no addition that could be effectively survive in the transaction. Hence, we hold that it is not a fit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A.M): These appeals in ITA Nos.1254/Mum/2020 1258/Mum/2020 for A.Yrs.2009-10 2011-12 arise out of the order by the ld. Commissioner of Income Tax (Appeals)-18, Mumbai in appeal No.CIT(A)-18/IT-10102/DCIT-11(2)(2)/18-19 dated 14/01/2020 (ld. CIT(A) in short) in the matter of imposition of penalty u/s.271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as Act). Identical issues ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 63,690/-. The assessment was framed u/s.143(3) r.w.s. 147 of the Act on 23/02/2015 determining total income of ₹ 5,38,92,820/- wherein disallowance on account of bogus purchases of ₹ 1,06,29,126/- was made in respect of purchases made by the assessee from M/s. Harshil Ferromet Pvt. Ltd., M/s. Rajkamal Steel, M/s. Anand Impex and M/s. Jindutt Corporation. The ld. AO in the original asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . At the outset, we find that the addition towards bogus purchases has been made only on estimated basis. Hence, no penalty u/s.271(1)(c) on the same would survive in the eyes of law. Moreover, we find that for the A.Y.2009-10, the gross profit shown by the assessee on total transactions is 29.70% which is much more than 12.5% profit estimated by the Tribunal in the quantum proceedings. We find th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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