2020 (3) TMI 1258

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....d by the learned Commissioner of Income Tax (Appeals)-42, Mumbai, for the assessment year 2010-11. 2. The dispute in the present appeal is confined to the disallowance of Rs. 5,22,057, made on account of non-genuine purchases. 3. When the appeal was called for hearing none appeared on behalf of the assessee despite issuance of notice. There is no application seeking adjournment either.It is also....

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....tly, on the basis of information received from the Sales Tax Department, Government of Maharashtra, through the office of the DGIT (Inv.), Mumbai, that the assessee is a beneficiary of accommodation entries provided by certain entities identified as a hawala operators by the Sales Tax Department, the Assessing Officer re-opened the assessment under section 147 of the Act. In the course of the asse....

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....rther, delivery challan, lorry receipt, octroi receipt, transportation details, etc., were not furnished to prove physical delivery of goods. Accordingly, holding that the purchases are not verifiable, the Assessing Officer rejected the books of account under section 145(3) of the Act. Though, he held that the purchases are non genuine, however, he observed that in respect of purchases worth Rs. 8....

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.... the material on record. As could be seen from the grounds raised, the assessee has only disputed the addition of Rs. 5,22,057. It has been urged in the ground that like the estimation of profit in respect of other purchases, the Assessing Officer should have applied the profit rate of 12.5% in respect of purchases made from the other two parties. Having gone through the assessment order as well a....