9911796707
TMI Blog2024 (9) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... extent of 11.58% of the alleged bogus purchases for both the years. Accordingly the appeal of the assessee is allowed partly. - Shri Prashant Maharishi (AM) For the Assessee : Shri Kirit Sanghvi For the Department : Shri R.R. Makwana ORDER PER PRASHANT MAHARISHI ACCOUNTANT MEMBER 1. These are the two appeals filed by the assessee for assessment year 2010 11 and 2011 12 against the appellate order of the National faceless appeal Centre (learned CIT A) dated 9/3/2024 and 14/2/2024 respectively wherein the appeal is filed by the assessee against the assessment order passed by the income tax officer 20 (3) (1), Mumbai (the learned AO) under section 143 (3) read with section 147 of the income tax act, 1961 (the act) dated 30/11/2017 were dism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143 (3) read with section 147 of the income tax act on 30/11/2017. 4. For assessment year 2011 12 it is seen that assessee filed his return of income on 31/8/2011 declaring total income of Rs. 250505/-. Assessee is a proprietor of M/s Rajneesh steels. Subsequently the information was received from the director general of income tax (investigation) Mumbai in respect of assessee with regard to bogus bill providers who have been engaged in issuing of bogus purchase bills. The assessee is one of the beneficiaries. It was found that assessee has obtained bogus invoices from Bhagwati trading company of ₹ 2,430,272. The case of the assessee was reopened by issue of notice under section 148 of the act on 30/3/2017. The assessee on 4/4/2017 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment to the parties through banking channels, the goods received has also been sold by the assessee. The invoices showed the description of the goods as well as the quantity of the goods. The rates were not found to be exorbitant or not at the market rate. Further the assessee has also shown that the goods which have been stated to have been purchased by the assessee from that party has also gone into the sales. He submitted a chart showing the gross profit of alleged bogus purchases of (-) 3.86% whereas the assessee has earned gross profit in his regular business of 7.72%. He stated that at the most the addition could be the difference between the gross profit only. He also produced the quantitative details of purchases and sales. 7. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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