2023 (7) TMI 285

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.... Vibhuti Keny. For the Respondent : None. P.C. 1. The appeal is against the order passed by the Income Tax Appellate Tribunal, Mumbai ('ITAT') on 07/06/2017 for the Assessment Year 2010- 11 by which ITAT sustained addition towards gross profit on bogus purchases but reduced the same from 12% to 8%. 2. The substantial questions of law proposed are as under: a) Whether in law an....

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....e assessee had made total purchases of Rs. 2,03,55,145/- and accordingly, called upon the assessee to file details of purchases made during the year along with names and addresses of the suppliers. During this process, AO found from the website of the Government of Maharashtra, Sales Tax Department certain parties from whom assessee had made certain purchases were engaged in providing accommodatio....

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....to whether he has even approached the bank or made any enquiries with the bank to find out genuineness of those payments. It is of course recorded that the notices sent to those persons came back undelivered and assessee was unable to provide any actual delivery challans. What is material to note is that the purchases themselves were not being disputed and what is disputed is genuineness of the se....

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....17 partly allowed the assessee's appeal and reduced the gross profit to be applied from 12% to 8%. 6. Ms. Nagaraj submitted that except reproducing the portion of the order of CIT(A), no reasons have been given as to why it should be reduced from 12% to 8%. 7. What is sufficient reason would vary from case to case and having considered paragraph 6 of the impugned order, we are satisfied that....