2019 (12) TMI 255

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....Lakshmi Nayak Assessee by: Ms. Rutuja N. Pawar ORDER PER SAKTIJIT DEY. J.M. Captioned appeal has been filed by the Revenue challenging the order dated 16th July 2018, passed by the learned Commissioner of Income Tax (Appeals)-30, Mumbai, pertaining to the assessment year 2007-08 and 2011-12. However, in the present appeal, we are concerned with assessment year 2007-08 only. 2. The d....

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.... Officer re-opened the assessment under section 147 of the Act. In the course of assessment proceedings, the Assessing Officer called upon the assessee to prove the genuineness of purchases of Rs. 93,68,034, claimed to have been made from three parties. Further, to verify the genuineness of such purchases, the Assessing Officer conducted independent enquiry by issuing notices under section 133(6) ....

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....e the first appellate authority. 4. After considering the submissions of the assessee and having found that while deciding identical nature of dispute in assessee's own case in assessment years 2006-07, 2009-10, 2010-11 and 2011-12, the Tribunal has restricted the addition to 5% of the non-genuine purchases, learned Commissioner (Appeals) followed the same and directed the Assessing Officer to ....

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.... 7. We have considered rival submissions and perused material on record. Undisputedly, though, the Assessing Officer had observed that the assessee was not able to prove the genuineness of purchases, however, ultimately, he has estimated profit on such purchases @ 20% for the purpose of making the addition. Relying upon the decision of the Tribunal in assessee's own case in assessment years 2006-0....