2021 (10) TMI 1437

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....sing out of the order of Commissioner of Income Tax (Appeals)-29, Mumbai (in short 'CIT(A)') in Appeal No. CIT(A)-29/IT-421/ITO-19(1)(4)/17-18 dated 13.08.2018. The assessment was framed by Income Tax Officer - 19(1)(4), Mumbai for Assessment Year 2009-10 vide his order dated 19.03.2015 under Section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The on....

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....ra Sales Tax Department that the assessee is one of the beneficiaries of accommodation entries received from the parties who have issued false bills without delivery of goods. The assessee has received the accommodation bills from the following parties :- 1 M/s Shankeshwar Sales Corporation Rs. 31,58,504/- 2 M/s. Prakash Trading Corporation Rs. 60,88,591/-   Total R....

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....ies, the AO had requested the assessee to produce the parties for verification. However, the assessee failed to do so. 4.3.1 Coming to the addition made, the Hon'ble ITAT, Ahmedabad 'C' Bench in the case of Vijay Proteins Ltd. vs ACIT 58 ITD 0428 held that in similar circumstances, 25% of the purchase price accounted through fictitious invoices has to be disallowed. The Hon'ble Hi....

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....chases could be added to the income of the assessee. The estimation varies with the nature of business and no uniform yardstick could be adopted. Given the facts and circumstances of the instant case, I find it reasonable to estimate the gross profit on the alleged bogus purchases at 12.5%. The addition made by the AO @ 12.5% on the alleged bogus purchases is upheld. This ground of appeal is there....