9911796707
TMI Blog2023 (5) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... t and the income was estimated. CIT(A) took a reasonable view that the only profit percentage has to be added and estimated @ 6% of bogus purchases. DR could not controvert the findings of the CIT(A) with any new cogent evidence and material to take a different view. CIT(A) dealt on the facts and considered the profit element in the bogus purchases and also the A.O has not disputed the sales - Decided against revenue. - Shri Pavan Kumar Gadale, Judicial Member And Ms. Padmavathy S, Accountant Member For the Appellant : Shri. Anil Gupta. DR For the Respondent : None ORDER PER PAVAN KUMAR GADALE - JM: The Revenue has filed an appeal against the order of Commissioner of Income-tax (Appeals)-National Faceless Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties for verification . 5. This appeal is being filed as it is covered under the exception provided in para 10(e) of the CBDT's Circular No.3 of 2018 dated 11.07.2018 as amended vide F.No. 279/Misc. 142/2007-ITJ(Pt) dated 20.08.2018. 6. The appellant prays that the order of the National Faceless Appeal Centre (NFAC), Delhi on the above grounds be reversed and that of the AO be restored. 7. The appellant craves leave to amend or alter any ground or submit additional ground which may be necessary. 2. The brief facts of the case are that, the assessee is a partnership firm and is engaged in manufacturing and trading of non-ferrous metal. The assessee has filed return of income for AY 2011-12 on 29.09.2011 disclosing a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he genuineness of the transactions could not be established and made disallowance of alleged bogus purchases of Rs.18,15,639/- and assessed the total income of Rs.18,87,840/- and passed the order u/s 143(3) r.w.s 147 of the Act dated 28.11.2018. 4. Aggrieved by the order of AO, the assessee has filed appeal before the Ld.CIT(A). The Ld.CIT(A) has considered the grounds of appeal, submissions of the assessee, findings of the AO, and sustained the validity of the assessment and in respect of the addition made by the AO, CIT(A) has relied on the facts, gross profit rate, decisions of Hon ble High Court and Co-ordinate Bench decisions of the Hon ble Tribunal and restricted the addition to the extent of @6% of purchases and partly allowed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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