9911796707
TMI Blog2021 (8) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee has raised the following substantive grounds in its first and foremost appeal ITA No.755/Hyd/2017: "1. The Order of the Commissioner of Income Tax (Appeals) - VI, Hyderabad dt.10.02.2017 to the extent to which it upheld the addition of Rs. 9,04,500/- is contrary to law and facts. 2. The Commissioner of Income Tax (Appeals) should have accepted the contention that reopening of the assessment is illegal and that the said assessment is reopened without the mandatory conditions being satisfied as such the appellant contends that the notice issued u/s 147 and also the consequential assessment order are illegal and bad in law. 3. The appellant contends that no bogus purchases were made by it and the allegation that it has s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of assessment may be cancelled as illegal and the addition of Rs. 9,04,500/- made be deleted". 3. It further emerges that the assessee which appellant's pleadings are no different in latter twin appeals ITA Nos.756 & 757/Hyd/2017 as well the only distinction therein is that all the alleged bogus purchases amounts involved are of Rs. 20,05,500/- and Rs. 25,48,900/-; respectively. We therefore propose to decide all the instant appeals vide instant common adjudication. 4. Relevant identical facts involved in all the three instant appeals are in a very narrow compress. The assessing authority(ies) herein had received information from the department's Investigation Wing, Mumbai that the assessee had sourced its purchases involving varying s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vely. The assessee's argument before us is that once its corresponding sales have been assessed as 'business income', disallowance of the impugned purchases would result in abnormally high profit rate which is not possible in the regular course of business in jewellery, gold, silver ornaments and some precious stones. This clinching aspect has gone unrebutted from the departmental side which has primarily relied on the Investigation Wing information furnished to the Assessing Officer herein. 7. We have considered the foregoing rival submissions and find no reason to delete the impugned bogus purchases disallowance/addition in entirety in all these three assessment years. This is for the precise reason that going by the circumstances before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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