2021 (3) TMI 765

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Sr. D.R. ORDER Mahavir Prasad , Member ( J ) 1. This appeal filed by the Assessee is directed against the order of the Commissioner of Income Tax ('hereinafter called CIT(A)') order No. CIT(A)-10/ITO, Ward-1(2)(1)/10731/2016-17 order dated 11/09/2018 arising out of assessment order dated 16/12/2016. Assessee has taken following grounds of appeal: 1. On the facts and circ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t recorded on oath, the hawala billers have themselves admitted that they were involved in the operation of providing accommodation entries of bogus sale bills and have been given the same to the various parties including the assessee as per their requirement. The Maharashtra Sales Tax Department has provided a list of parties of beneficiaries who have taken accommodation entries of bogus sales bi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....IT(A) who did not agree with the contention of the assessee and cited an order of ITAT in the case of M/s. Vijay Proteins Ltd. reported in 55 TTJ 76 wherein it was held fair an reasonable to disallow 25% of the total unverifiable purchases as reasonable amount of disallowance. 4. Now assessee has come before us. Assessee has pressed ground No. 1 and when bench asked him that if assessee is read....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....that GP rate and net profit rate of year under consideration were better than previous year, stock register was properly maintained and purchases in question were reflected in such stock register - Tribunal thus reduced addition to 5 per cent of amount - Whether when assessee could produce before authorities precise rate at which purchases were made from 'V' and other suppliers to demonstr....