2017 (10) TMI 1286

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....is is an appeal filed by revenue and cross objection filed by assessee against the order of CIT(A)-52, Mumbai dated 01/02/2017 for the A.Y.2010-11 in the matter of order passed u/s.143(3) of the IT Act. 2. In this appeal, revenue is aggrieved for upholding addition of 12.5% on the bogus purchases which was made by the AO at 100% of the bogus purchase. 3. Rival contentions have been heard and....

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....the genuineness of the above purchase transactions. It appears that the assessee furnished certain details before the AO but did not furnish complete details. Further the query letters issued by the AO to these parties u/s. 133(6) were returned back by the postal authorities and therefore, the AO concluded that these parties were non-genuine and thereafter he rejected the books of accounts of the ....

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....er taxes on such purchases. Accordingly, he estimated profit of 12.5% on such bogus purchases which resulted into upholding addition of Rs. 7,47,781/-. 5. Revenue is in further appeal before us and assessee has filed Cross Objection objecting for sustaining addition by CIT(A) at 12.5%. 6. I have considered rival contentions and carefully gone through the orders of the authorities below. Asse....