TaxTMI 
TaxTMI 
2018 (9) TMI 1981
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....ated 10th October 2017, passed by the learned Commissioner (Appeals)30, Mumbai, for assessment year 200910. 2. Grounds no.1 to 4, are not pressed, hence, dismissed. 3. In ground no.5, the assessee has challenged the addition of Rs. 15,59,175, made on account of bogus purchases. 4. Brief facts are, the assessee a Hindu Undivided Family (HUF) is carrying on business of trading in ferrous and nonf....
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.... furnish necessary details to prove the genuineness of purchases. He also called upon the assessee to furnish the address of the concerned parties. As observed by the Assessing Officer, notices issued under section 133(6) of the Act to the concerned parties were returned unserved in all cases. He also observed that the assessee was not able to prove the delivery of goods to the assessees premises.....
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....urchases @ 4%. Thus, he submitted, considering the profit ratio in this particular line of business, the maximum addition which can be made is @5.5% of the non genuine purchases. The learned Authorised Representative submitted, in case of assessees sister concern i.e., M/s. Steel Line (India) which is in similar line of business, the Tribunal while deciding identical issue has applied profit rate ....
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....It is the contention of the learned Authorised Representative that the assessee has shown a gross profit rate of 3% on the purchases made and has also paid VAT @ 4% on such purchases. Therefore, even if the profit rate of 12.5% is adopted, the gross profit already shown by the assessee as well as VAT paid should be reduced from such profit rate adopted by the Departmental Authorities and the balan....