2018 (12) TMI 973

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.... PER G.S. PANNU, AM : The captioned appeal by the assessee is directed against the order of CIT(A)-14, Mumbai dated 29.09.2016 pertaining to the Assessment Year 2009-10, which in turn has arisen from the order passed by the Assessing Officer, Mumbai dated 30.10.2014 u/s 143(3) r.w.s 147 of the Income Tax Act, 1961 (in short 'the Act'). 2. In this appeal, the only issue is with regard to the ....

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.... ITR 451 (Guj.) and only a part representing the profit element embedded in the unsubstantiated purchases is added to the returned income. Support has also been drawn from the judgements of the Hon'ble Gujarat High Court in the case of CIT vs Bholanath Poly Fab. (P.) Ltd., 355 ITR 290 (Guj.) and CIT vs Vijay M. Mistry Construction Ltd., 355 ITR 498 (Guj.). 5. On the other hand, the ld. DR h....

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....hat the said concern, M/s. Amar Enterprise figures in the list of hawala dealers, i.e. parties who were merely issuing bills but not actually transacting in the goods stated therein. While the orders of the authorities below reveal that the purchases amounting to Rs. 14,86,450/- were not properly substantiated by the assessee, but it also reflects the plea of the assessee that the material corresp....