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TMI Blog2024 (9) TMI 856X X X X Extracts X X X X X X X X Extracts X X X X ..... Haji Adam Co [ 2019 (2) TMI 1632 - BOMBAY HIGH COURT] We find that the assessee has shown the N.P. @ 5.97% on total purchases of Rs. 367,24,497/-. Out of that the tainted purchases are stated to be Rs. 30,67,810/-. Assessee has shown that the goods which were purchased from M/s Keshav Impex have been sold for Rs. 33,06,992/- whereas the purchases are 30,67,810/-. As the assessee has shown profit o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aggrieved with the same and has raised the ground that the learned CIT(A) has erred in restricting the addition on account of impugned hawala purchases of Rs. 30,67,810/- to 4% instead of deleting the entire disallowance wrongly made by the Assessing Officer @ 100 % of Bogus Purchases. 3. The brief facts of the case was that the assessee company, engaged in the business of manufacturing and resel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formation was received that he is engaged in providing bogus bills. The assessee submitted relevant details as available including sale of such goods to other parties which was purchased from tainted party. Subsequently, the notice under Section 133(6) and 131 of the Act was issued to the M/s Keshav Impex, which returned unserved. The assessee was asked to produce the party but neither the summons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Authorized Representative (AR) filed a paper book containing 64 pages wherein it was the main argument that the addition made in the hands of the assessee is excessive and should be restricted to 1%. 7. The learned Departmental Representative (DR) also supported the order of the learned CIT(A). 8. We have carefully considered the rival contentions and have perused the orders of the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whereas the purchases are 30,67,810/-. As the assessee has shown profit of approximately 10% which is higher than the regular N.P. shown by the assessee, naturally following the decision of the Hon'ble Bombay High Court no further addition is required to be made. Therefore, we direct the learned Assessing Officer to delete the addition. 9. In the result, the appeal of the assessee is allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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