9911796707
TMI Blog2022 (12) TMI 1534X X X X Extracts X X X X X X X X Extracts X X X X ..... ngh, AR. For the Revenue : Ms. Saroj Wankar, DR. ORDER PER BENCH: 01. This appeal in ITA No. 2556/Mum/2022 for A.Y. 2009-10 arise out of the order by the order passed by the National Faceless Appeal Centre, New Delhi (NFAC) [the learned CIT (A)] in DIN & Order No. ITBA/NFAC/S/250/2022- 23/10044800362(1) dated 18th August, 2022, against the order of assessment passed under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of ingenuine purchases. 05. We have heard the rival contentions and perused the materials available on record. The assessee is an individual and proprietor of Nandishwar Steel, engaged in the trading in ferrous and non-ferrous metals. It is not in dispute that assessee during the year had made certain purchases from certain parties, who were treated as tainted parties by the Sales Tax De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to produce parties for personal examination by the learned Assessing Officer, which was not complied with by the assessee. Since, the sales made by the assessee was not disputed by the learned Assessing Officer, the learned Assessing Officer thought it fit to bring to tax only the profit element embedded in the value of disputed purchases. This profit percentage was estimated by the learned Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epresentative, he also fairly agree for estimation of profit at 5%. Accordingly, we estimate the profit element at the rate of 5% of disputed purchases, which in our considered opinion, would meet the ends of justice. Accordingly, the ground no. 2 raised for A.Y. 2009-10 and ground no. 1 raised for A.Y. 2010-11 are partly allowed. 07. In the result, both the appeals of the assessee are partly all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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