2021 (3) TMI 1454

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....5% as against the entire purchases disallowed as non-genuine/bogus by the Assessing Officer. 2. Briefly stated the facts are that, the assessee engaged in the business of "trading in business material supplier" filed return of income on 29.09.2009 for the A.Y. 2009-10 declaring income of Rs..20,14,090/- and the return was processed u/s. 143(1) of the Act. Subsequently, Assessing Officer received information from the DGIT (Inv.,), Mumbai about the accommodation entries provided by various dealers and assessee was also one of the beneficiary from those dealers. The assessment was reopened U/s. 147 of the Act based on the information received from DGIT(Inv.) Mumbai, that the assessee has availed accommodation entries from M/s. Pooja Enterpris....

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....ssee reiterated the submissions made before the Ld. CIT(A) and prayed to upheld the order of the Ld. CIT(A). 5. Ld. DR vehemently supported the orders of the Assessing Officer. 6. We have heard the rival submissions, perused the orders of the authorities below. On a perusal of the order of the Ld. CIT(A), we find that the Ld. CIT(A) considered this aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following various judicial pronouncements restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld. CIT(A) observed as under: - "6.4 Conclusion on case laws: The net conclusion that can be arrived at from the above discussion is....