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TMI Blog2022 (6) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... and thereby set aside the matter to the Assessing Officer with the direction to restrict the addition on gross profit rate of bogus purchases at the same rate as that of the genuine purchases after giving opportunity to the assessee to present its case. Further, we hold that levy of interest under section 234B and 234C are consequential and initiation of penalty under section 271(1(c) is premature. - ITA No. 141/MUM/2021 - - - Dated:- 13-6-2022 - Shri Amarjit Singh (Accountant Member) And Kavitha Rajagopal (Judicial Member) For the Assessee : Shri Romit Jain For the Department : Shri Pavan Kumar Beerla ORDER PER KAVITHA RAJAGOPAL (JM): This appeal has been filed by the assessee against the order of Ld.CIT(A) d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year on 25/09/2011 declaring total income of Rs.22,39,682/-. The assessee s case was selected for scrutiny subsequent to information received from sales-tax department relating to hawala bills and accommodation entries. It was found that assessee had purchases from 13 parties to the tune of Rs.1,76,04,450/- and subsequently assessment was reopened and assessment order under section 143(3) r.w.s. 147 of the Act was passed on 11/03/2016 determining total income at Rs.44,40,240/-. The Assessing Officer had stated that the assessee could not establish genuineness of purchases made and held that such purchases were not genuine transactions and thereby estimated additional profit margin on such purchases of Rs.22,00,556/- at 12.5% and mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bom) and Principal Commissioner of Income-tax vs M. Haji Adam Co Income Tax Appeal No.1004 of 2016 dated 11/2/2019. We find it essential to cull out the relevant extract from the said order for ready reference as stated below:- 6. I respectfully following the aforesaid judgement of the honourable High Court set aside the matter to the file of the assessing officer with the direction to restrict the addition as regards the bogus purchases by bringing the gross profit rate on such bogus purchases at the same rate as that of the other genuine purchases. Needless to add the assessee should be granted adequate opportunity of being heard. Learned Counsel of the assessee fairly agreed to the above proposition. 9. We do not find any infir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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