2020 (9) TMI 663

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....RIFAUR RAHMAN, ACCOUNTANT MEMBER: The present Appeal has been filed by the assessee against the order of Ld. Commissioner of Income Tax (Appeals) - 53 in short referred as 'Ld. CIT(A)', Mumbai, dated 20.12.18 for Assessment Year (in short AY) 2010-11. 2. The brief facts of the case are that assessee filed its return of income on 14.10.2010 declaring total income of Rs. 2,65,911/-. The return....

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....Id. AO did not provide the copies of the information and the recorded statements and also did not provide any opportunity to appellants to cross examine the alleged Bogus Parties. 2. Without Prejudice to the above Ground of Appeal, on the facts and circumstances of the case and in law, Hon. CIT-A has erred in confirming AO's Action of rejecting appellants' books of accounts on arb....

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....dingly, he submitted that 12.5% estimated by Ld. CIT(A) is too high and he relied upon the various judgments passed by the Coordinate Bench of ITAT, wherein the bench has estimated @ 3% of the alleged bogus purchases. 6. On the other hand, Ld. DR relied upon the orders passed by revenue authorities and submitted that estimation made by Ld. CIT(A) should be sustained. 7. Considering the rival....

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....s and the information received from investigation wing revealed that all the suppliers were engaged in carrying out only paper transactions without actual delivery of material. The complete onus to prove the purchases conclusively was on assessee, which has remained un-discharged. In such a scenario, the addition, which could be made, was to account for profit element embedded in these purchase tr....