2021 (8) TMI 1261

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....DER PER C.N. PRASAD (JM) 1. These appeals 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 busi....

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.... to prove the genuineness of the purchases made 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....

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....ing the Gross Profit at 12.5% for the A.Y: 2009-10. 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 tha....

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.... is not in dispute that sales have been accepted as genuine 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 ....