2021 (9) TMI 331

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....nafter referred to as Act) dated 30/03/2015 by the ld. ITO, 19(1)(2), Mumbai (hereinafter referred to as ld. AO). 2. At the outset, there is a delay in filing of appeal by the assessee by 33 days. Considering the reasons stated in the affidavit for the condonation of delay, we are inclined to condone the delay of 33 days and admit the appeal for adjudication. 3. The ground Nos. 1 & 2 raised by the assessee were stated to be not pressed by the ld. AR at the time of hearing. The same is reckoned as a statement made from Bar and accordingly, the ground Nos. 1 & 2 raised by the assessee are dismissed as not pressed. 4. The ground No.3 raised by the assessee is challenging the disallowance made on account of non-genuine purchases in the....

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....following parties:- Name of the Party Amount(Rs.) Primer Srar 39,71,367/- Ankita Exports 50,60,502/- Total 90,31,869/- 4.2. The aforesaid two concerns were stated to be belonging to Banwarlal Jain and others. Accordingly, the ld. AO sought to show-cause the assessee as to why the same should not be construed as accommodation entries and accordingly, the purchases of Rs. 90,31,869/- should not be disallowed. In response to the said show-cause notice, assessee filed the requisite details by providing the bank statements evidencing the payments made to those suppliers by account payee cheque together with the details of corresponding sales made out of the disputed purchases. The ld. AO did not dispute the details of ....

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....ar facts and circumstances of the instant case, we deem it fit to fix the profit percentage at 3% as agreed by the ld. AR at the time of hearing. We find that ld. DR placed reliance on the Co-ordinate Bench decision of Delhi Tribunal in the case of DCIT vs Smt Phoolwati Devi reported in 122 TTJ 502 (Delhi). We find that this was the case of an addition made u/s 68 of the Act wherein the addition was sustained in the light of surrounding circumstances and applying test of human probabilities, which was rendered in the peculiar facts of that case. In our considered opinion, the same cannot be applied universally. Each decision need to be looked into in the light of facts and circumstances prevailing in the case. 4.4. Per contra, the ld. AR....