2020 (1) TMI 1210

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....his appeal in ITA No.6448/Mum/2018 for A.Y.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 (h....

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....ncome from other sources in his return of income. 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 o....

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....the same could not be explained by proper source. 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 p....