2017 (7) TMI 1400

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....SH KUMAR, A.M : The captioned is appeal by the assessee pertaining to assessment year 2009-10. The appeal is directed against the order of the CIT(A)-45, Mumbai, dated 8.12.2016 which in turn have arisen from an order passed by the Assessing Officer dated 19.03.2015 under section 143(3) r.s.w.147 of the Income Tax Act, 1961(in short 'the Act). 2. The grounds of appeal taken by the assessee (....

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....e assessee has declared GP at the rate of Rs. 9.38% as per the profit and loss account. The notices issued by the AO u/s 133(6) of the Act to the hawala parties were returned unserved. The AO, ultimately not convinced with the submissions and contentions of the assessee rejected the books of accounts and applied GP at the rate of 12.5% of the bogus purchases which worked out to Rs. 5,92,800/- and ....

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....nserved. AO after rejecting the books of accounts applied 12.5% as profit on purchases of Rs. 47,42,400/- and added the same to the total income of the assessee. The ld. CIT(A) also confirmed the addition made by the AO by stating that the same to be fair and reasonable. The undisputed fact is that the assessee has already declared 9.38% in the books of account which has been noted by the AO in th....