2021 (2) TMI 351

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....ort AY) 2010-11 and 2011-12 respectively. 2. At the outset, it is noticed that none has appeared on behalf of assessees in spite of calls and even no application for adjournment was moved. On the other hand, Ld. DR is present in the court and is ready with arguments. Therefore, we have decided to proceed with the hearing of the case ex-parte with the assistance of the Ld. DR and the material placed on record. 3. Since the issues raised in both the appeals are identical, therefore, for the sake of convenience, both appeals are clubbed, heard and disposed off by this consolidated order. First of all, we are taking ITA No. 4545/Mum/2019 for Assessment Year 2011-12. 4. The brief facts of the case are that assessee filed its return of i....

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.... of additions are concerned, we are of the considered opinion that the assessee was engaged in trading activities, which could not be carried out without actual purchase of material. The turnover achieved by the assessee has not been disputed or disturbed by the revenue and the payments were through banking channels. The assessee was in possession of primary purchase documents and was able to reconcile the quantitative details. However, at the same time, the stated purchases were under grave doubt since the assessee could not produce any of the party to confirm the transactions and the information received from investigation wing revealed that all the suppliers were engaged in carrying out only paper transactions without actual delivery of ....