2017 (10) TMI 162

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.... against the order dated 21.11.2006 passed by the learned CIT(A)-30, Mumbai and it relates to A.Y. 2009-10. The assessee is aggrieved by the decision of the learned CIT(A) in partially confirming the addition relating to bogus purchases. 2. The assessee is engaged in the business of trading in ferrous and nonferrous metal. The Revenue received information from the Maharashtra Sales Tax Departme....

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....ransport receipts, stock record for receipt of goods maintained at godown etc. Accordingly, the Assessing Officer took the view that the purchases are not genuine. However, the Assessing Officer observed that it would be just and fair if the profit element embedded in such purchases is assessable to tax. Accordingly, the Assessing Officer assessed 12.5% of alleged bogus purchases which worked out ....

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....arned CIT(A) estimated margin at 2.5% and accordingly took the view that the addition should be restricted to 6.50% of the value of bogus purchases. Accordingly, he directed the Assessing Officer to restrict the addition to 6.50% of the value of bogus purchase. Still aggrieved, the assessee has filed this appeal before the Tribunal. 4. Learned AR submitted that during the year under considerati....

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....T(A) has sustained the addition to the extent of 6.5% which is very much reasonable. 6. I have heard the rival contentions and perused the record. I noticed that the assessee has not furnished documents like delivery challans, transport receipts, stock register etc. to prove the transportation of material from the place of the impugned suppliers to the place of assessee. I noticed that the asse....