9911796707
TMI Blog2024 (7) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly, we direct the AO to apply the rate of 4% on the alleged bogus purchases. Appeal of the assessee is partly allowed. - SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER For the Assessee : Ms. Pooja M. Chhawachharia, C.A For the Revenue : Smt. Mahita Nair, Sr. DR ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi, vide order no. ITBA/NFAC/S/250/2023-24/1061176410(1), dated 20.02.2024 passed against the assessment order by Income Tax Officer, Ward 19(3)(1), Mumbai, u/s. 143(3) r.w.s. 147 of the Income-tax Act, 1961 (hereinafter referred to as the Act ), dated 17.03.2016 for Assessment Yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal is in respect of addition of Rs.50,05,968/- made by the ld. Assessing Officer by taking 25% of the alleged bogus purchases totalling to Rs.2,00,23,871/- which was confirmed by ld. CIT(A). 4. Briefly stated facts are that assessee filed his return of income on 14.07.2010 reporting total income at Rs.3,96,288/-. Case of the assessee was re-opened u/s. 147 by issuing notice u/s. 148 on 28.10.2014 after receipt of information from DGIT (Inv) Wing, Mumbai, that assessee is a beneficiary for hawala purchase entries from 20 different parties totalling to Rs.2,00,23,871/-. The ld. Assessing Officer asked the assessee to furnish supporting documents for purchases made from the 20 parties along with supporting documents for corresponding sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AT, Mumbai in ITA No.1043/Mum/2020, dated 17.09.2021, on identical set of facts, it was held that it would be reasonable if the profit rate of 4% is applied on the bogus purchases . Accordingly, the Coordinate Bench set aside the order of ld. CIT(A) and directed the ld. Assessing Officer to apply rate of 4%. 6. Per contra, ld. Sr. DR placed reliance on the orders of the authorities below, since assessee could not substantiate his claim by furnishing all the relevant necessary documentary evidences. 7. We find that under the given set of facts before us in the present case, the matter is covered by the Co-ordinate Bench of ITAT, Mumbai in assessee s own case for AY 2009-10 wherein profit rate of 4% has been directed to be applied on the alle ..... X X X X Extracts X X X X X X X X Extracts X X X X
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