2021 (4) TMI 328

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....DER PER M. BALAGANESH (A.M): This appeal in ITA No.5023/Mum/2019 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-8, Mumbai in appeal No.CIT(A)-8/IT-161/2017-18 dated 23/05/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/11/2017 by the ld. Incom....

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....the ld. AO sought to treat the same as ingenuine purchases and made disallowance of Rs. 3,71,535/- while completing the assessment. We find that assessee had submitted all the details pertaining to purchase made from the above party including purchase invoices, delivery challans, extract of stock registers, details evidencing the payments made by account payee cheque etc., We find that the ld. AO ....

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....t to tax @12.5%. 4. Aggrieved, the revenue is in appeal before us. 5. We find that the assessee has not preferred any appeal against the order of the ld. CIT(A) due to smallness of the amount. The ld. AR before us stated that out of the total purchases of Rs. 5.35 Crores made by the assessee, only the miniscule portion of Rs. 3,71,535/- was found to be bogus which works out to hardly 0.7% ap....