TaxTMI 
TaxTMI 
2017 (9) TMI 1805
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....present appeal has been preferred by the assessee against the order dated 03.03.2017 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2009-10. 2. The brief facts of the case are that the assessee is an individual engaged in business as dealer in office and school stationery items on wholesale and retail basis. During the year the Asse....
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....and confined to peculiarities, I find it just and reasonable inference that the appellant had the opportunity to play with the purchase price. To what extent is the only question remaining. Holding that some guesswork is inevitable in such circumstances, I find that a 4% profit rate on unverified component of purchases shall meet the ends of justice, keeping in view 20.88% GP already declared. The....
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....ssee is trader he has already declared the GP of 20.88% and if he is saddled with more GP then it is 34% which is a trading impossibility. No specific allegation in the statement against the assessee was recorded and no cross examination of concerned parties was allowed. Therefore, when assessee has declared more GP relying upon the judgment of ITAT in ITA No.3699/M/2016 GP should be estimated @ 2....
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....e of hearing before us. From the record we found that the basis on which AO disallowed the alleged bogus purchases is the non-appearance of the suppliers before the AO to verify the purchases. In this regard we found that many Benches of ITAT and Hon'ble High Courts have held that when purchases are supported by sufficient documentary evidences then merely because of non-appearance before the ....