2020 (11) TMI 604

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....RAJESH KUMAR, ACCOUNTANT MEMBER: The present appeal has been preferred by the assessee against the order dated 27.02.2018 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2009-10. 2. The assessee has challenged the order of Ld. CIT(A) on jurisdictional issue as well as on merit. 3. At the time of hearing when the case was call....

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.... Thereafter again notice under section 142(1) of the Act was by issued a couple of times which were duly served on the assessee with no compliance on the part of the assessee. Finally a show cause notice was to the assessee dated 04.02.2015 calling upon the assessee to furnish various evidences to prove the genuineness of the purchases from three parties. Even then the assessee did not respond t....

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....ial on record, we observe that the assessee is a scrap dealer and GP during the year was 4.04%. In principle ,we are in agreement with the finding of the Ld. CIT(A) that it is only the net profit which can be brought to tax and not the entire purchases, however, considering the nature of business of the assessee and the margin on the trading, we find the addition sustained by Ld. CIT(A) is on the ....