2021 (8) TMI 1261

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....eals are filed by the assessee against different orders of the Learned Commissioner of Income Tax (Appeals)-30, Mumbai [hereinafter in short "Ld.CIT(A)"] dated 03.05.2018 and 15.10.2019 for the A.Y. 2009-10 and A.Y.2011-12 in sustaining the action of the Assessing Officer. 2. Briefly stated the facts are that, assessee an individual engaged in the business of ferrous and non-ferrous metals filed ....

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....de from various dealers as referred in Assessment Order. In response assessee furnished copies of ledger accounts along with copies of purchase invoices of the specified parties and bank statements and submitted that the purchases made are genuine. Assessee further submitted that the payments are made through account payee cheques as such contended that all the purchases are genuine. 3. Not convi....

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....-10. However, the Ld.CIT(A) enhanced the addition to 100% as against 25% disallowed by the Assessing Officer in so far as the A.Y. 2011-12 is concerned. Against these orders of the Ld.CIT(A) assessee is in appeal. 4. Ld. Counsel for the assessee reiterated the submissions made before the Ld.CIT(A). Ld. Counsel for the assessee further submitted that the assessee is in the business of trading in F....

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....enuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non-genuine. The Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only....