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TMI Blog2024 (7) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT] had held to restrict the addition to the extent of bringing the gross profit rate on purchases at the same rate of other genuine purchases. Accordingly, we direct the AO to apply the rate of 4% on the alleged bogus purchases. Accordingly, 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/250/2024-25/1064004901(1), dated 09.04.2024 passed against the assessment order by Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act that for the same assessee and on the same facts the ITAT has has pronounced an order of 2009-10 reducing the addition of CIT (A) from 100% to 4% as against the addition in the given case being 25%. (f) The Id. CIT(A) has erred in holding the impugned purchases to be bogus, in spite of voluminous evidences on record simply on the basis that the current addresses of vendors were not provided and the vendors were not produced before the Respondent. (g) The Appellant prays that the addition/ disallowance of entire 5005968/- made in respect of Alleged purchases be deleted. 3. The only issue raised by the assessee in this appeal is in respect of addition of Rs. 53,97,157/- made by the ld. Assessing Officer by taking 25% of the alleged bogus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Nandi Vardhan Impex. According to him, sales for the year are not doubted and therefore purchases cannot be rejected, when assessee is a trader. Thus, in the light of the decision of Hon ble Jurisdictional High Court of Bombay in the case of PCIT vs. Mohammed Haji Adam Co. in ITA No.1004 and others of 2016 dated 11.02.2019, the addition is to be restricted to the extent of bringing gross profit rate on purchases at the same rate of other genuine purchases. He further submitted that in assessee s case for AY 2009-10 and 2010-11, the Coordinate Bench of ITAT, Mumbai in ITA No.1043/Mum/2020, dated 17.09.2021, on identical set of facts, held that it would be reasonable if the profit rate of 4% is applied on the bogus purchases . The Coordi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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