2017 (10) TMI 1286

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....oss 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 record perused. Briefly stated, the facts ....

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....actions. 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 assessee u/s. 145(3) of the Act and went on....

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....stimated 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. Assessee is engaged in manufacturing and trading of f....