2020 (1) TMI 1210

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.....2009-10 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-26, Mumbai in appeal No.CIT(A)-26/IT-09/2014-15 dated 24/08/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/09/2014 by the ld. Income Tax Officer - 22(3)(1), Mumbai (hereinafter referred to as ld. AO). 2. The....

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....me. We find that the ld. AO observed that assessee had made purchases from M/s. R.K. Traders for Rs. 1,07,598/- whose name appeared in the website of Maharashtra Sales Tax Department to be a tainted party and the said party was said to be engaged in providing accommodation bills. Since the assessee had made purchases from such tainted party and based on the information provided by the Sales Tax de....

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....ce. In the instant case, the ld AO had alleged that the entire transaction of purchase from M/s R.K. Traders is bogus and non-genuine. We find that the ld. CIT(A) had considered the gross profit declared by the assessee during the year at 22.05% and accordingly, estimated the addition to restrict the gross profit percentage of 23% on value of alleged purchases. Against this action of the ld. CIT(A....