2016 (3) TMI 1123

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....EMBER. Appellant by : Shri Somogyan Pal. Sr. D.R. Respondent by : Shri M.K. Patel, A.R. ORDER PER BENCH 1. ITA Nos. 1360 & 1552/Ahd/2012 are cross appeals by the revenue and the assessee preferred against the order of the ld. CIT(A), Valsad for A.Y. 2006-07 dated 30.03.2012, ITA Nos. 1361 & 1553/Ahd/2012 are appeals by the revenue and the assessee against the order of the ld. CIT(A)....

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....gs, the assessee was asked to furnish complete names and addresses of the parties from whom purchases have been made along with copy of their ledger account. No plausible reply was received, therefore the officer once again issue a show cause notice to the assessee asking him to explain why 25% of the total purchases should not be disallowed on account of failure on the part of the assessee to pro....

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....e disallowance @ 15% of the total purchases treating them as non genuine and unverifiable and made an addition of Rs. 34,48,537/-. 7. Aggrieved by this addition, the assessee carried the matter before the ld. CIT(A). Before the ld. CIT(A), the assessee reiterated that the books of accounts are audited, there is no adverse inference in so far as sales are concerned, the nature of business of the....

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....apply NP rate of 2% in A.Y. 06-07, 3% in A.Y. 07- 08 and 2% in A.Y. 08-09. 8. Aggrieved by this both revenue and the assessee are in appeal before us. The ld. D.R. strongly supported the findings of the A.O and the ld. counsel for the assessee reiterated what has been stated before the lower authorities. 9. We have carefully considered the orders of the authorities below and have given a tho....