2019 (10) TMI 712

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....Ld.DR ORDER PER BENCH: - 1. Aforesaid appeal by assessee for Assessment Year [AY] 2010-11 contest the order of Ld. Commissioner of Income-Tax (Appeals)-24, Mumbai, [in short referred to as 'CIT(A)'], Appeal No.CIT(A)-24/IT2 4/847/ITO-27(1)(4)/2018-19 dated 12/07/2018 on following grounds of appeal: - "Being aggrieved against the Order of Commissioner of Income Tax (Appeals) 24, t....

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.... are available on record. 4) On the facts and circumstances of the case and in law, the assessing officer ought to have gone through the record of the parties whose Pan numbers were available on record and some of the parties are registered with MCA. 5) On the facts and circumstances of the case and in law, the appellant have already declared Gross Profit of 27.32%, again adding ....

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....e details of which has already been extracted at para-5.1 of the quantum assessment order. Accordingly, as per due process of law, re-assessment proceedings were initiated against the assessee u/s 147 by issuance of notice u/s 148 on 19/03/2015. The statutory notices u/s 143(2) & 142(1) were issued in due course of assessment proceedings wherein the assessee was directed to substantiate the purcha....

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....e us. It appears that the revenue is not in further appeal. 3. We have heard and considered the arguments of respective representatives. 4. We are of the considered opinion there could be no sale without actual purchase of material keeping in view the assessee's nature of business. As noted by lower authorities, the assessee was in possession of primary purchase documents and the payments to....