2018 (2) TMI 1201

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....r Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by Revenue for Assessment Year [AY] 2009- 10 assails the order of Ld. Commissioner of Income Tax (Appeals)-2 [CIT(A)], Mumbai dated 26/02/2016 qua relief provided to assessee against certain bogus purchases. 2.1 Briefly stated, the assessee being corporate assessee engaged in the business of trading of iron & Steel was subjec....

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....om four suspicious dealers. In support of purchases, the assessee furnished purchase details and Bank statement to assert that the purchases were genuine. The notices u/s 133(6) as well as summons u/s 131 issued to the alleged bogus suppliers remained un-served with remarks 'not known / not claimed' which led disallowance of total purchases in the hands of the assessee. 3. Aggrieved, the assess....

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....see, which he has failed to discharge and therefore, full disallowance thereof was justified. 4.1 Per contra, Ld. Counsel for Assessee [AR] supported the stand of Ld. CIT(A) and drew our attention to the fact that the assessee was a trader in iron & steel and maintained quantitative details and therefore, entire disallowance was not justified since without purchase, there could be no sales. ....