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TMI Blog2021 (11) TMI 1116X X X X Extracts X X X X X X X X Extracts X X X X ..... sales tax department, Government of Maharashtra. It is not in dispute that the corresponding sales made by the assessee out of such disputed purchases from two parties were not doubted by the ld. AO. It is not in dispute that assessee had submitted the details of purchases, invoice bills alongwith bank statements evidencing the fact that payments have been made to those suppliers only by account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals)-37, Mumbai in appeal No.CIT(A)-37/IT-215/ITO-25(3)(4)/2015-16 dated 15/03/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 27/03/2015 by the ld. Income Tax Officer - 25(3)(4), Mumbai (hereinafter referred to as ld. AO). Identical issues are involved in both the appeals, hence, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng total income of Rs. 6,63,520/-. It is not in dispute that assessee had made purchases from two parties totaling to Rs.53,56,525/- whose names appear to be tainted dealers in the website of sales tax department of Government of Maharashtra. This information was passed on by Sales Tax department of Government of Maharashtra to the Assessing Officer through the DGIT (Investigation Wing) of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. AO and since there cannot be no sales without the purchases, only the profit element embedded there on could be brought to tax which was estimated by the ld. CIT(A) @12.5% by placing reliance on various decisions of the Tribunal and of various High Courts. Aggrieved by this order, both the assessee as well as the Revenue are in appeal before us. 4.2. It is not in dispute that assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depending upon the nature of industry in which assessee's are engaged in, had estimated the profit element to be at 12.5%. The same percentage has been estimated by the ld. CIT(A) also on which, we do not find any infirmity. Accordingly, the order of the ld. CIT(A) does not warrant any interference. 5. In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed. Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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