2020 (10) TMI 876

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....RDER PER N.K. PRADHAN, A.M. This is an appeal filed by the revenue. The relevant assessment year is 2011-12. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-55, Mumbai [in short 'CIT(A)'] and arises out of assessment u/s. 143(3) r.w.s. 147 of the Income Tax Act. 1961(the Act). Though the case was fixed for hearing on 21/09/2020, neither the assessee nor h....

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....r.No. Name of the Hawala Parties Amount (Rs.) 1 DAKSHA ENTERPRISES 82,825 2 PAYAL ENTERPRISES 4,54,287   TOTAL 5,37,112 On the basis of the above information, the AO reopened the assessment by issuing notice u/s.148 of the Act. During the course of reassessment proceedings, in response to the notice u/s.143(2) & 142(1), the assessee filed before the AO copi....

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.... that vide order dated 13/12/2018, the Ld.CIT(A) by following the decision in CIT vs. Bholanath Poly Fab (P.) Ltd. (2013) 355 ITR 290 (Guj.) directed the AO to estimate profit @12.5% on the disputed purchases of Rs. 5,37,112/-. 4. Before us, the Ld. DR submits that as the assessee failed to file before the AO stock register, delivery challans, lorry receipts, octroi payment, quantity tally, the....