2016 (5) TMI 1401

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....RDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. These three appeals by the Assessee are preferred against the order of the ld. CIT(A)-II, Baroda dated 01.08.2011 pertaining to A.Ys. 2002- 03 to 2004-05. 2. Since the First Appellate Authority has decided the appeals by a consolidated order, all these appeals were heard together and are disposed of by this common order for the sake of convenience....

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....e on estimation and, therefore, this is not a fit case for the levy of penalty u/s. 271(1)(c) of the Act. Per contra, the ld. D.R. strongly supported the findings of the revenue authorities. We have carefully considered the orders of the authorities below. Undisputedly, the additions were made on account of bogus purchases, the matter travelled up to the Tribunal in quantum appeal. The relevant fi....

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....made by the assessee. The Assessing Officer is directed to restrict the addition to 25% of the bogus purchases in all the three years. 7. A perusal of the aforementioned finding of the Co-ordinate Bench shows that the restriction of the disallowance is made purely on estimation. Thus, it can be safely concluded that the additions were made on mere presumption and not on the basis of any material ....