2017 (1) TMI 1798

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..... For the Respondent : Shri M.C. Omi Ningshen, DR. ORDER PER D. KARUNAKARA RAO, AM : This appeal filed by the assessee on 12.5.2015 is against the order of the CIT (A)-17, Mumbai dated 20.2.2012 for the assessment year 2010-2011. 2. In this appeal, the only issue raised by the assessee relates to the bogus purchases of Rs. 53.16 lakhs (rounded off) involving the tainted suppliers qu....

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....d Simit P Seth (supra) and proceeded to make entire purchases giving no sustainable reasons for the non-compliance of the said decisions. 4. On the other hand, Ld DR for the Revenue relied on the orders of the Revenue Authorities. 5. After hearing both the parties, we find, the assessee's Net Profits (NP) over the years vary from 2% to 2.35% and the VAT rate applicable is 4%. Considering the....

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....overnment exchequer. The presumption is that the alleged purchases of materials is done without bills. Accordingly, we confirm the addition to the extent of 7% of the said purchases of Rs. 53.16 lakhs. Addition should be restricted. Accordingly, AO is directed. Thus, the ground is partly allowed. 6. Regarding the addition on account of commission of Rs. 53,166/-, it is the argument of the Ld Co....