2017 (7) TMI 423

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....iled by the revenue against the order of CIT(A)-35 dated 30.06.2014 for the assessment year 2010-11 in the matter of order passed u/s.143(3) of the IT Act wherein Revenue is aggrieved for deletion of addition of Rs. 2,61,77,677/- u/s. 69C of the IT Act. 2. Rival contentions have been heard and record perused. 3. Facts in brief are that assessee is a dealer in ferrous and non ferrous metals. ....

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....e u/s.69C and assessee was asked to produce the above parties to substantiate his claim alongwith documentary evidences such as transport receipts, challans etc., However these parties were not produced before the AO. Accordingly, AO made addition of Rs. 2,61,77,677/- u/s.69C as unexplained expenditure. 4. By the impugned order CIT(A) deleted the addition after observing as under:- I have' ....

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....where the appellant has duly discharged his onus of showing the' evidence of actual' purchases and the sales being made on the basis of the said purchases and the source of payment not being in doubt and' neither there being any evidence noticed by the AO that any of the payments made by the cheques have been routed back to the appellant, the ratio in. the decision of Nikunj Eximp Ente....

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....On the other hand, learned AR placed on record GP chart of the assessee to indicate that gross profit shown by assessee during the year was more or less at par as shown in the earlier orders, accordingly, he contended that addition if any should be upheld to the difference in GP @0.95% on the alleged bogus purchases of Rs. 2,61,77,677/-. 7. We have considered rival contentions and carefully gon....