2024 (7) TMI 1285

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....r. Nikhil Joshi For the Respondent : Shri Nagnath Pasale ORDER PER RENU JAUHRI [A.M.] :- These appeals are filed by the assessee against the consolidated order of the Learned Commissioner of Income-tax (Appeals), Mumbai-30 /National faceless Appeal Centre, Delhi [hereinafter referred to as "CIT(A)"] dated 25.06.2018 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to a....

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....filed. It is the only then the assessee came to know that the appeal had not been filed despite the fact that appeal fee of 10,000/- was paid on 07.03.2020 i.e. a fortnight before the onset of Covid. The assessee has furnished proof of deposit of Rs. 10,000/- as fee for appeal and also message received regarding condolence meeting of Shri Navratnamal Ji Surana CA in support of his contentions. ....

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.... a. Return declaring income of Rs. 3,67,899/- was filed on 29.09.2010 and was processed u/s 143(1) of the Act. Subsequently, information was received from the DGIT Investigation Wing, Mumbai about a scam unearthed by Sales Tax Department regarding issue of hawala bills/accommodation entries by several parties in Mumbai. The assessee allegedly made purchases of Rs. 1,04,34,421/- from the some o....

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....R as well as Ld. DR. The only issue for consideration is whether the element of profit estimated by the AO @12.5% in such bogus purchases is reasonable or not. 8. The assessee is engaged in trading in Ferrous and Non-ferrous Metals. Since, the assessee failed to discharge onus of proving the genuineness of the transactions in question, the AO has rightly proceeded to make the addition of profit....